Last Updated on 14/06/2021 by Khushi
Image courtesy: siliconindia
Niyo, India’s prominent neo banking startup, has purchased Bengaluru based personal finance firm’s finance app index for an unspecified sum. Niyo will soon be accompanied by the Index team. On the acquisition of the index the Vinay Bagri, Co-Founder and CEO of the company told “The collection and analytical capabilities of Index will assist improve NiyoX’s ability to provide consumers with the vital insights they require to fulfill their financial targets,”
By the acquisition of the index, Niyo wants to merge Index’s finance tracking features into its recently launched app Niyox, which will allow their customers to view their data in a single place as it delivers a 360° view of their data, which will improve their customers’ experience.
Image Courtesy: TOI.
Clients have reported difficulty tracking their earnings, savings, purchases, investments, and insurance since the launch of the app, resulting in a negative customer experience, prompting the corporation to make this decision. Niyox is a digital banking app that provides users with a simpler, safer, and smarter personal banking solution. It allows consumers to keep a zero balance savings account, avoid paying a commission on mutual funds and earn 7% interest per year on the account balance. Customers will also be able to plan their expenses, pay bills, and can also save money after the personal finance tracking capabilities will be merged.
However, the issue is not new for B2B businesses; several other businesses are facing similar challenges. According to a study, only 10% of B2B businesses understand the value of a 360-degree view for business growth, which is why the majority of B2B businesses are losing money due to poor service delivery. Although the adaptation of a finance index app might help any B2B company to grow fast.
According to the sources, The index company is also happy with this acquisition. Recently in an interview Krishna, the Co-Founder and CEO of the Index said “Niyo is the leading company in neo-banking, and Index will further boost that status. we’re excited to work with the team Niyo,”