Niyo, an Indian digital-only bank, has acquired Goalwise, a mutual funds investment platform, for an undisclosed price, in a move to grow its product offering to the millennials.

According to the neobank, the COVID-19 outbreak has considerably grown the demand for online banking and related services. Niyo claims that it is well poised to cease the opportunity to quickly enlarge its user base by means of a great mobile app experience and innovative product suite that will now have wealth management products from Goalwise.

Niyo’s co-founders Vinay Bagri (CEO) and Virender Bisht (CTO) have taken majority stakes in Goalwise, along with Niyo, in a cash-and-stock deal.

The founding members of Goalwise will join Niyo’s leadership team and will be operating Niyo Wealth as an independent vertical within the digital-only bank.

Niyo said that the acquisition of the mutual funds investment company aligns with its ambition of developing a comprehensive product suite for its users. In addition to the do-it-yourself 0% commission mutual fund product that is already live on Niyo Wealth platform, the Indian neobank intends to roll out international and domestic stocks, robo-advisory, and auto-invest products in the coming months.

Currently, Goalwise is said to have 60,000 plus users with $113 million in assets under advice. The company offers a goal-based investing solution that is said to monitor all aspects of investment, including mutual fund selection, rebalancing of portfolio, target-tracking, and others.

Commenting on Niyo acquisition of Goalwise, 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.”

  Fintech industry news, Goalwise, Mutual funds, Niyo, Vinay Bagri, Virender Bisht, Wealth management