Tencent-backed Niyo acquires wealth management startup Goalwise

Photo: Reuters

Digital banking fintech startup Niyo Solutions Inc, backed by Tencent Holdings, has acquired mutual funds investment platform Goalwise, in a cash-and-stock deal for an undisclosed amount, as it looks to expand its offerings into the wealth management space.

Niyo co-founders Vinay Bagri and Virender Bisht have picked up majority stake in Goalwise, with Niyo holding a minority stake in the startup.

Through this acquisition, Goalwise founding members will join Niyo’s leadership team and will be running ‘Niyo Wealth’, Niyo’s wealth management vertical. Goalwise will also transfer its customer base to Niyo Wealth.

Goalwise has over 60,000 users, with 850 crore assets under advice (AUA). The company primarily caters to salaried millennials belonging to Tier 1 cities, having a median income of 10 lakh.

Goalwise also offers a goal-based investing solution to customers that oversees all aspects of investment, including mutual fund selection, portfolio rebalancing and target-tracking among others.

“…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,” said Vinay Bagri, CEO and co-founder, Niyo.

Niyo Wealth platform also plans to launch international and domestic stocks and auto-invest products in the coming months for its users.

“We, at Goalwise, have always believed in transparency and building best-in-class products that will empower our customers to make better financial decisions. Niyo believes in the same values which made this merger a natural fit. 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, co-founder and CEO Goalwise.

Niyo, which has a customer base of 1.5 million and works with more than 6,000 corporates, offers banking solutions to individuals and corporates, including, payroll card for blue-collared employees, global card for international travellers and a savings account for millennial.

Recently, it launched a co-branded savings account in partnership with IDFC First Bank.

Delaware and Bengaluru-based Niyo is backed by marquee investors such as Tencent, Social+Capital, investment firm founded by former Facebook executive Chamath Palihapitiya, JS Capital and Prime Venture Partners, and has raised about $49 million in funding so far.

The article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.