Niyo, which offers digital banking solutions for savings and investments, is reportedly looking to enter India’s asset management market.
The Bengaluru-headquartered digital banking fintech is set to approach the Securities and Exchange Board of India (Sebi) for a mutual fund licence, Economic Times has reported.
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Niyo currently has a user base of two million and aiming to more than double its users to five million by fiscal year 202 by partnering with other financial service firms in the country.
Niyo co-founder and chief technology officer Virender Bisht was quoted as saying by ET: “We are keen to enter the AMC space and are in the process of exploring the idea of applying for a licence.”
Last December, Sebi permitted fintechs to apply for mutual life licence.
Founded in 2015, Niyo offers an investment platform, dubbed Niyo Money. It also provides a zero-balance account with features such as instant account opening, salary advance and free accidental death insurance.
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By GlobalDataIts DCB Niyo Global Account and App offers zero foreign currency exchange premium, instant set-up, expedient loading on the go from any account via NEFT/IMPS/UPI.
The fintech has rolled out a mobile-first digital banking solution NiyoX in partnership with Equitas Small Finance Bank and Visa this week.
The latest product gives users access to a comprehensive wealth management suite in addition to the savings account.
In July last year, Niyo acquired mutual funds investment platform Goalwise in a cash-and-stock deal.
Earlier this month, reports emerged about Indian wealthtech firm CashRich acquired the WealthApp’s mutual fund distribution business in an all-cash deal.
