Mumbai|Bengaluru, March 25, 2019: In one of the largest financial inclusion initiatives of its kind in India, NiYO, a fintech company managing employee benefits and payroll, and Upwardly, a tech-enabled financial advisory startup, have jointly launched a savings and investment solution for the financially underserved population in the country.
The partnership will make their combined wealth-creation app — NiYO Bharat mobile app — available to the masses, including over 1 million existing and new users of NiYO. The new investment strategy will lower the entry barriers to structured investment to a minimum of Rs 100.
NiYO Bharat mobile app users, who comprise blue and grey collar workers from the services and manufacturing sectors, will have a best-in-class solution with ease of convenience and top performance. The NiYO-Upwardly solution will target investors with annual incomes of $2,000 to $4,000 falling outside the purview of traditional banks and wealth management companies. This segment is estimated at over 50 million households.
NiYO has been launching financial products that are carefully curated by the proprietary algorithms designed by Upwardly.
NiYO Co-founder and CEO Vinay Bagri said, “Financial inclusion has always been at the core of our business. We are delighted to collaborate with Upwardly and offer a savings and investing solution to our customers through the NiYO Bharat mobile app. We believe this will go a long way in helping both our existing and new customers manage their short-term and long-term financial needs, and fulfil their financial goals in life.”
Prateek Mehta, CEO, Upwardly, noted, “We started Upwardly to democratise investing and wealth creation. We are excited about our partnership with NiYO and we believe that we can take investing to the next Rs 10-20 crore savers in India. A minimum investment amount of ₹100 and a choice between savings and growth options will excite our customers. We have also introduced Video KYC to seamlessly on-board NiYO customers. We expect NiYO users to widely adopt the solution and benefit from structured wealth creation.”
About NiYO: NiYO is a fintech startup conceptualized in 2015 that offers digital banking solutions for salaried employees across various sectors. Currently, with over 5 lakh customers and relationships with 3000 corporates, NiYO is growing to be a truly trusted digital banking platform across India.
Website – www.goniyo.com
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