The fintech’s NiyoX account, which is offered in partnership with Equitas Small Finance Bank and Visa, has 82 per cent of customers below the age of 35.
Neo bank Niyo’s savings account product offering NiyoX has on-boarded five lakh customers within 150 days of its launch, the fintech said on August 25. This has been led by traction from the millennial population opening one NiyoX account every 30 seconds.
The fintech is hoping to more than double the number of customers by the end of FY22.
Speaking to Moneycontrol, Virender Bisht, Co-founder and CTO at Niyo said, “We are confident that we will cross one million customers by the end of this financial year. The combination of 7 per cent interest, zero balance account and an option to open a wealth account simultaneously to invest is driving growth.”
82 per cent of NiyoX’s customers are below the age of 35, reflecting the changing landscape of how youngsters in India are approaching banking, with a preference for swift and digital on-boarding and account access.
The product has seen 58 per cent adoption from metro cities and 42 per cent adoption from non-metro cities. The company added that NiyoX has seen over one crore transactions since its launch with over 50 per cent of those done via the United Payments Interface (UPI).
Niyo is also a registered investment advisor and the average SIP investment ticket size for a NiyoX customer is Rs 2,000, with small-cap funds, ELSS and index funds being the most preferred.
This savings plus wealth account is offered in partnership with Equitas Small Finance Bank and Visa, and Niyo is not looking at tying up with any other banks currently.
“We are currently happy with our current partner bank and have no plans to partner with other banks for a similar product. Although we do have inbound interest from other banks,” Bisht said.
The neo bank is also planning on launching two more products in the coming month. One will be a salary account variation of NiyoX for working individuals and an investment product.
“How the investment product works is – when a customer spends, we round it off the value to the nearest 100. So, the balance amount will be invested, leading customers to save as they spend. This is currently being tested with a few consumers in beta mode,” Bisht explained.
He added that the fintech will explore lending and pay later products too in the coming year.
Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo currently has a total customer base of around 2.5 million and over 7,000 corporates. The company counts Tencent Holdings, Prime Venture Partners, Horizon Ventures and JS Capital as its investors.
Apart from NiyoX, the fintech also has a wealth management app called Niyo Money, app and prepaid card for blue-collar employees named Niyo Bharat and global account offerings with multiple banking partners.