Jul 28, 2020: Digital banking fintech startup Niyo has acquired mutual funds investment platform Goalwise in a cash-and-stock deal to expand its product offering, a release said on Tuesday.
The Bengaluru-based company did not disclose the financial value of the acquisition.
“Niyo co-founders Vinay Bagri (CEO) and Virender Bisht (CTO) have picked up majority stakes in the start-up, along with Niyo, in a cash-and-stock deal for an undisclosed amount,” the release said.
The Goalwise founding members will join Niyo”s leadership team and will be running Niyo Wealth as an independent vertical within Niyo, it added.
The COVID-19 pandemic has significantly increased the demand for digital banking and related services.
The release further said the acquisition is in line with Niyo”s goal of building a comprehensive product suite for its users.
Apart from the DIY zero per cent commission mutual fund product that is already live on Niyo Wealth platform, the company plans to launch international and domestic stocks, Robo-advisory and auto-invest products in the next few months.
Goalwise currently has over 60,000 users with Rs 850 crore AUA (assets under advice). The company primarily caters to salaried millennials belonging to Tier 1 cities and a median income of Rs 10 lakh.