Now Spare Change Can Make you Rich: Know How this App Invests Loose Change in Mutual Funds

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© Provided by News18 Now Spare Change Can Make you Rich: Know How this App Invests Loose Change in Mutual Funds

If you have loose changes and you are looking to invest that amount and get a return out of it then there is good news for you. Yes, you heard it right. If you always desire to save money on every rupee spent, then Niyo is a big help for you. 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. NiyoX – a 2-in-1 wealth plus savings account by India’s leading digital banking fintech – Niyo, has launched ‘Invest the Change’ which allows users to convert their spare change into investments.  The concept of the app is so appealing and interesting that almost 5 lakh customers have been onboarded in just 150 days of its launch. 

The intent behind launching the app is to inculcate a habit of saving and investing among the Indian millennials by making it simple and fun. The app NiyoX’s feature ‘Invest the Change’ allows 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.  Basically, all the debited amount from the account falls in the category of 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 Invest the Change feature is designed to jumpstart and promote regular saving and investing for the new and small investors who are yet to build the habit or do not feel ready to make larger investments on a regular basis. 

“We have been working relentlessly to make banking simple, safe and smart. Investing the change is yet another effort in that direction. 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,

Throwing light on the innovative concept of the app, Ankur Choudary, VP Product at Niyo Money said, “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. 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 Invest the Change to increase the adoption of NiyoX as the primary spending + savings account for millennials.”

Niyo was the first consumer neo-bank to go live in India with NiyoX – a state-of-the-art mobile banking solution for millennials in partnership with Equitas Small Finance Bank and Visa. 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.

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