Tencent-backed Niyo acquires personal finance platform

Niyo, a digital banking startup based in India, has acquired Index, a personal finance platform backed by accelerator SOSV Investments, for an undisclosed sum.

The Niyo team / Photo credit: Niyo

Users can now view their earnings, savings, investments, insurances on the combined platform. Niyo will also integrate Index’s personal finance tracking features into its products, especially NiyoX. Meanwhile, Index founders Anand Krishna and Kumar Siddhartha will join Niyo.

NiyoX, which was launched in partnership with Equitas Small Finance Bank in March, is a zero-balance account designed for millennials, with an interest rate of 7% and 0% commission on mutual funds. On the other hand, Index gives users insights into their spending habits, transaction history, and account information using their financial data.

“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,” said Vinay Bagri, co-founder and CEO of Niyo.

The company says about 200,000 customers have opened an account to use its NiyoX product within the first two months of its launch. It aims to create more customized offerings for its users through data-driven insights.

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In 2019, Niyo secured US$35 million in its series B round from Hong Kong’s Horizons Ventures and China’s Tencent Holdings. The startup’s existing backers such as Israel-based JS Capital, also participated in the fundraise.