In a bid to add momentum to the financial inclusion initiatives in India, fintech firm NiYO and tech-enabled financial advisory startup Upwardly has jointly intoduced a savings and investment solution for the financially underserved population in the country.
This strategic partnership will enable the masses to access their combined wealth-creation app — NiYO Bharat mobile app. This will add news users to the already existing over 1 million user base of NiYO.
NiYO Bharat mobile app users, comprising of blue and grey collar workers from the services and manufacturing sectors, will get to use a best-in-class solution, along with ease of convenience and top performance.
The NiYO-Upwardly new solution will focus on investors with annual incomes of $2,000 to $4,000, primarily excluded from the purview of traditional banks and wealth management companies. This segment is estimated at over 50 million households.
“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,” said Vinay Bagri, Co-founder and CEO, NiYO.
“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,” said Prateek Mehta, CEO, Upwardly.