Digital banking platform Niyo has acquired mutual fund investment platform Goalwise for an undisclosed fee in a cash and stock deal. Social+Capital and Prime Ventures backed Niyo Co-founders Vinay Bagri (CEO) and Virender Bisht (CTO) have picked up majority stakes in the start-up. Meanwhile, the Goalwise founding members will join Niyo’s leadership team and will be running Niyo Wealth as an independent vertical within Niyo.
“With our combined resources, we will now be able to accelerate our roadmap for advanced features and inclusion of many more financial products,” said Swapnil Bhaskar, CEO and co-founder of Goalwise.
Goalwise currently has over 60,000 users with Rs 850 crore AUA (assets under advice). The company primarily caters to salaried millennials belonging to Tier 1 cities and a median income of Rs. 10 lakh.