Digital banking start-up Niyo Solutions has acquired mutual funds distribution platform Goalwise. The deal was a mix of shares and cash. The company, however, did not reveal the accurate financial value of the acquisition, reported moneycontrol.com.
Earlier, Goalwise had one equity investor who has left the company through this deal. Goalwise founders have been provided with some shares of Niyo in the process as well.
Through the acquisition, Niyo Solutions will venture into the direct mutual funds gamut, expanding its range of offerings beyond prepaid cards and savings bank account. The founders of Goalwise will now be entering the former’s leadership team and bring its 25-member team into Niyo Wealth, which will be operated as a subsidiary entity within Niyo.
“With this acquisition, we will be pushing on a 0-0-7 strategy, zero forex mark-up cards, 7 percent interest rate on savings account and now zero commission mutual funds,” said Vinay Bagri, chief executive officer, Niyo Solutions, while speaking to Moneycontrol.
Bagri said that both the companies are already into business relationship, and now with this deal, it will be a complete merger.
“We will double the size of our wealth team as well, putting more focus on the business,” he said.