NiyoX savings account on-boards 100,000 customers in 50 days

By Leandra Monteiro

Bangalore-based NiyoX, a 2-in-1 wealth plus savings account powered by India’s digital banking FinTech Niyo – on-boards 100,000 customers in less than two months of its launch. At a time when more than 80% of the country is under lockdown-like restrictions, the relevance and need of having a digital savings account has increased exponentially. NiyoX aims to on-board 2 million customers by FY21-22.

According to the company, NiyoX has seen 90% of sign-ups from the working millennial population, these customers are spread over 9000 pin codes across the country. NiyoX enables median customers opening their account in under 5 minutes. Besides banking transactions, customers can invest in mutual funds with amount as low as INR 100.

Niyo’s Cofounder and CEO Vinay Bagri said, “The remarkable success of NiyoX stands testimony to the increasing acceptability of digital products and services among Indian consumers and how a gradual digital transformation is taking place across the country. It has been our constant endeavour to enhance customer experience by offering advanced services and features in the most user-friendly manner. Digital banking is the need of the hour and it is redefining the way financial services are perceived in India. ”

In partnership with Equitas Small Finance Bank and Visa, Niyo recently launched NiyoX – a mobile banking solution for millennials. Being the first neo-banking platform to go live in India, NiyoX account comes with a VISA Platinum Debit Card, an industry-high 7%* p.a. interest rate on account balance and a promise of no minimum account balance requirement.

Virender Bisht, Niyo’s co-founder and CTO said, “Riding on the back of rapid mobile adoption, neo-banks have already democratized banking for customers in the western countries like the UK, USA & Europe. The pandemic has also triggered traditional banking customers in India to now switch to digital banks for the convenience, simplicity, advanced features and prompt support that NiyoX provides. Niyo has been creating path breaking products since inception. We still feel that our innovation journey has just begun, and plan to introduce several market first products in coming quarters. On the back of our innovative products and bank partnerships, Niyo will maintain pole position in this rapidly expanding market.”

NiyoX account provides access to a full wealth management suite besides the savings account. The comprehensive wealth management suite powered by Niyo Money offers zero commission mutual funds, facility to track all your investments at one place, robo advisory and a feature that analyzes your investment, savings and expenses. Niyo will soon launch domestic and international stocks on the platform.