Indian digital banking fintech start-up Niyo has acquired mutual funds investment platform Goalwise.
The financial details of the cash-and-stock deal were not divulged.
Niyo co-founders Vinay Bagri and Virender Bisht have purchased a majority interest in Goalwise. The remaining interest will be with Niyo.
As agreed, Goalwise founding members will join Niyo’s leadership team and will operate Niyo Wealth as an independent unit.
Goalwise operates as an investment manager and provides a goal-based investing solution that enables mutual fund selection, portfolio rebalancing and target-tracking among others.
The platform has more than 60,000 users with $113m in assets under advice.
The deal is aligned with Niyo’s plan to develop a comprehensive product suite as the company seeks to expand its user base amid Covid-19 pandemic, which sharply increased the demand for digital banking and related services.
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.”