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NiyoX launches ‘Invest the Change’, allows users to convert spare change into investment

The new feature allows the users to round up all their spends (food order, cab fares, subscriptions, fund transfers, etc.) made with NiyoX to the next 10, 50, or 100 and invest the spare change into a mutual fund of their choice.

September 21, 2021 / 02:01 PM IST

In a bid to encourage Indian millennials to save and invest,  NiyoX, a wealth plus savings account by digital banking fintech – Niyo has launched its ‘Invest the Change’ (ITC) that allows users to convert their spare change into investments.

The new feature allows the users to round up all their spending (food order, cab fares, subscriptions, fund transfers, etc.) made with NiyoX to the next 10, 50, or 100 and invest the spare change into a mutual fund of their choice.

All debit transactions from the account count as spends - these include transactions made in-person at a store, online, via UPI, or even via fund transfers. The spare change that gets collected each time a user spends, keeps accumulating and when it crosses Rs 100, it gets auto-invested in a pre-selected mutual fund of the user’s choice, the digital banking platform said in a press release.

“We understand that many millennials procrastinate investments because of time & effort needed to get going and hence have designed the product for those who love spending but often forget to save,” Vinay Bagri, Co-founder & CEO, Niyo said.

With the ITC feature, NiyoX aims to help build a rhythm and routine that can guide users until saving and investing becomes their second nature and they are confident enough to take a leap into making bigger investments, the release added.

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“We designed the product in such a way that any NiyoX customer opting for ITC can spend guilt-free as with every spend they would be setting aside their spare change for investments,” Ankur Choudary, VP Product at Niyo Money said.

“There are no commitments whatsoever and customers can withdraw their saved money any time they want while enjoying returns higher than their savings account. It’s absolutely the easiest way for young earners to start their investment journey. We expect to Invest the Change to increase the adoption of NiyoX as the primary spending + savings account for millennials,” he added.

The digital bank operates out of corporate offices in Bangalore, Mumbai, and Delhi, and claims to have a customer base of around 2.5 million and over 7,000 corporates. Last month, NiyoX on-boarded 5 Lac customers in just 150 days of its launch, it said.
Moneycontrol News
first published: Sep 21, 2021 02:01 pm

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