This is Niyo’s second acquisition after acquiring Goalwise around mid-2020. The Index team including Anand Krishna and Kumar Siddhartha, founders of Index, will join Niyo.

Niyo plans to integrate Index’s personal finance tracking features into its products especially NiyoX. With Index’s abilities integrated into NiyoX’s offerings, users will have access to best-in-class, 360 degree view of their earnings, savings, investments, insurances in a single view. Customers will also get the nudges to plan their expenses, pay bills and save.

Index, launched in 2020, by Anand Krishna and Kumar Siddhartha, with backing from SOSV Investments, derives insights from users’ financial data to give them a unique view into their spending habits, transaction history, and account information. This gives users the ability to hone in on the nuances of their accounts and make better-informed financial decisions. With just the connection of an email account, users can see unlocked statements, hidden subscriptions, forgotten bills and more.

Niyo recently launched its 2-in-1 savings and wealth account NiyoX in partnership with Equitas Small Finance Bank. NiyoX is a zero balance account and is specially designed for millennials, with an industry-best interest rate of 7%*, 0% commission on mutual funds, and a full wealth management suite built right into the app. NiyoX has received tremendous traction in just two months of its launch with over 200K customer account openings. Niyo aims to further enhance customer experience by creating more customized offerings for its NiyoX users through data-driven insights.

Vinay Bagri, Co-Founder & CEO of Niyo, said, “We are excited to welcome the Index team to the Niyo family, and to see the value that our users get out of this addition to the NiyoX product. 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. As always, our focus is on the customer and what we can empower the customer to do. I am confident that integrating and launching Index within the comprehensive NiyoX app is going to be a stimulating experience for both us and our users.”

Anand Krishna, Co-Founder & CEO of Index, said, “We are extremely pleased that Index is joining the Niyo family. As India’s personal finance space gathers pace, Niyo is best placed to serve modern India with relevant banking solutions - it’s an ideal home for Index’s team and technology. The acquisition is a great recognition of the unique value that Index brings. 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 is the market leader in neo-banking in India and Index will only strengthen that leadership position. The technology, cultural and team fit is excellent, and we’re really looking forward to working with Vinay, Virender and Team Niyo.”