Indian digital banking firm Niyo has acquired a personal finance start-up, Index, for an undisclosed amount. The Index team will now become a part of Niyo.
Backed by SOSV Investments, Index launched in 2020 to provide insights on the financial data of users. It offers information on users’ spending habits, transaction history and account information.
Niyo will combine Index’s personal finance tracking features with its products such as the NiyoX zero balance account. NiyoX was recently launched in alliance with Equitas Small Finance Bank.
With the integration of Index’s features into NiyoX offerings, users can view their earnings, savings, investments and insurances.
Customers will also receive suggestions to plan their expenses, pay bills and save.
Niyo co-founder and CEO Vinay Bagri said: “The aggregation and analytical capabilities of Index will help expand NiyoX’s functionality to equip users with the valuable insights they need to meet their financial goals.”
Index co-founder and CEO Anand Krishna said: “Combined with unique digital banking offerings, we’ll be able to give unrivalled personal finance tools to users.
“More importantly, Index’s technology will now be in the hands of millions of users that Niyo has already captured – and millions more to come”
Niyo operates four major business lines – NiyoX, Niyo Money, Niyo Global Card and Niyo Bharat Payroll solutions.
NiyoX is a savings and wealth account for millennials while Niyo Money is a suite of wealth products.
This transaction follows Niyo’s acquisition of Goalwise last year.
In July 2019, Niyo raised $35m in a Series B funding round led by Horizons Ventures and Tencent.