In a bid to expand its product offering to millennials, Bengaluru-based digital banking fintech startup Niyo acquired Goalwise, a new-age mutual funds investment platform, on Tuesday.
With this deal, Niyo co-founders Vinay Bagri (CEO) and Virender Bisht (CTO) have picked up majority stakes in the startup, along with Niyo, in a cash-and-stock deal for an undisclosed amount. Further, the founding members of Goalwise will join Niyo’s leadership team and will be running Niyo Wealth as an independent vertical within the startup.
Vinay Bagri said, “We are delighted to welcome Goalwise and the entire team to the Niyo family. It has been our constant endeavour to offer the best financial products to our consumers, and make the banking process easy, secure, and convenient for all. We strongly believe in the importance of investing, and helping our customers achieve their life goals of financial stability and independence. The acquisition of Goalwise is a significant step in that direction.”
Founders of NiYO (L to R) - Virender Bisht and Vinay Bagri
Apart from the DIY zero percent commission mutual fund product already live on the Niyo Wealth platform, the startup plans to launch international and domestic stocks, Robo-advisory, and auto-invest products in the next few months.
The COVID-19 pandemic has significantly increased the demand for digital banking and related services. Niyo said it will use this opportunity to expand its user base through a mobile app experience and product suite, that will now include wealth management products.
Goalwise currently has over 60,000 users with Rs 850 crore AUA (Assets Under Advice). The startup primarily caters to salaried millennials, belonging to Tier-I cities with a median income of Rs 10 lakh. It offers a set-and-forget goal-based investing solution that oversees all aspects of investment, including mutual fund selection, portfolio rebalancing, and target-tracking, among others.
Goalwise Co-founder and CEO Swapnil Bhaskar, said,
“We, at Goalwise, have always believed in transparency and building best-in-class products that will empower our customers to make better financial decisions. Niyo believes in the same values which made this merger a natural fit. With our combined resources, we will now be able to accelerate our roadmap for advanced features and inclusion of many more financial products."
Niyo claims to have become one of the first fintech startups in India to launch a co-branded savings account in partnership with IDFC FIRST Bank. It offers up to seven percent interest through a waitlist that was subscribed by around one lakh people.
With a customer base of 1.5 million and 6,000+ corporates, Niyo is backed by investors such as Social+Capital, JS Capital, and Prime Venture Partners, and has raised about $49 million in funding so far. It has been ranked among Asia’s Top 50 soonicorns.
Founded in 2015, Niyo, which operates out of corporate offices in Bengaluru, Mumbai, and Delhi, has a sales presence in more than 20 states and union territories, and currently employs around 1,000 people.
(Edited by Suman Singh )
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Link : https://yourstory.com/2020/07/fintech-niyo-acquires-startup-goalwise-target-millennials-mutual-funds
Author :- Sujata Sangwan ( )
July 28, 2020 at 04:52PM
YourStory