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

#Business, #investing, #NiYO, #NiyoX, NiyoX aims to help build, NiyoX customer

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.

“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.

Internet Explorer Channel Network
News Related

OTHER NEWS

‘Facebook staff sounded the alarm well before Capitol storming'

Well before the Capitol storming on January 6, many Facebook employees have sounded the alarm about the increase in potentially dangerous, incendiary messages on the platform after the US presidential ... Read more »

Saudi Arabia, a major oil producer, targets net zero emissions by 2060

Although the kingdom will aim to reduce its own emissions, it will continue to aggressively pump and export fossil fuels to Asia and other regions. Read more »

Lyft says more than 4,000 sexual assaults occurred on its trips from 2017 to 2019

More than 1,800 people were sexually assaulted during Lyft rides in 2019, about a 65 percent increase from 2017, the company says in a new report. Read more »

S Korean shipbuilding giant shifts out of China

South Korean shipbuilding giant Samsung Heavy Industries (SHI) has recently announced the closure of its plant Ningbo in the eastern Chinese province of Zhejiang after allegedly agreeing to hand over ... Read more »

Wealthy Fisherman's Friend businesswoman (91) leaves fortune behind for British town after death

41 million poundsA wealthy British businesswoman left a fortune to her hometown of Fleetwood in England after her death at the beginning of this year. The 91-year-old Doreen Lofthouse, mastermind ... Read more »

More than 4000 victims of sexual violence at taxi service Lyft

The company faces several lawsuits next year in which female passengers will sue the company for sexual assault and rape by taxi drivers who drive for Lyft. These kinds of ... Read more »

Dependence and mistrust: Russia-Europe relations sharpened by gas

Now the situation is reversed. The global economy has picked up quickly and demand for energy has skyrocketed. A cold spring also meant that stocks were not replenished. Van der ... Read more »

‘New method of rent assessment is illegal, tenants suffer'

The Rent Assessment Committee has been struggling with major backlogs for years and since last year the Committee has therefore been inviting less and less tenants and landlords to appear ... Read more »

US budget deficit hits USD 2.77 trillion in 2021, 2nd highest

The U.S. budget deficit totaled USD2.77 trillion for 2021, the second-highest on record but an improvement from the all-time high of USD3.13 trillion reached in 2020. The deficits in both ... Read more »

Regional airline SkyWest cancels hundreds of flights

SkyWest Airlines, which operates many flights for the nation’s biggest airlines, canceled about 1,000 flights Thursday and Friday because of what it called an internal technical issue. The airline said ... Read more »

26-year-old uni student builds $15m empire

When Iris Smit appeared on the TV show Shark Tank, she turned down a $300,000 investment offer for 25 per cent of her three-month-old business and the gamble paid off, ... Read more »

Seoul's Songpa district to offer service finding owners of roadkilled pets

The Songpa district is the first local government to offer the service in South Korea in response to the growing acceptance of pets as family. Seoul’s Songpa District has introduced ... Read more »

Retail sales, digital health and AI crime-fighting

Listen to “Retail sales, digital health and AI crime-fighting”. Figures out this morning show retail sales fell again in September. It’s all likely to heighten concerns that the UK’s economic ... Read more »

'Cost of living crisis' harming shopper demand

Read more »

Democrats Weigh Tax Alternatives to Fund $2 Trillion Package Sen. Kyrsten Sinema objected to any increases in top marginal rates on corporations, individuals or capital gains

Senator James Lankford, a Republican from Oklahoma, left, speaks with Senator Kyrsten Sinema, a Democrat from Arizona before a Senate Finance Committee hearing Tuesday in Washington, D.C. Democrats worked to ... Read more »

NBA extends multi-year Tissot deal

Tissot aims to continue developing watches and timekeepers that will enhance the NBA experience for fans. The National Basketball Association (NBA) has extended its multi-year partnership with Swiss watch manufacturer ... Read more »

Global shares gain as China property jitters ease

Recap: Global shares advanced to record a third straight week of gains yesterday as worries over the Chinese property market eased, despite growing concerns that persistent inflation could trigger a ... Read more »

Tero Sabuy combines partners' strengths

Mr Marcar (left) and Mr Chookiat mark the launch of the “Tero Sabuy” joint venture. Tero Entertainment and Sabuy Technology has entered into a joint venture, Tero Sabuy, with the ... Read more »

XPG preps B10m for digital deals Company insists it won't speculate on cryptocurrencies

A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken on Tuesday. XSpring Capital Plc (XPG) has invested 10 million baht in digital assets to explore ... Read more »

aCommerce listing seen spicing up the market This 'e-commerce enabler' is helping a slew of international brands to navigate the region's complex logistics networks. By William Hicks

The fulfillment centre at aCommerce. Amidst a flagging economy and an increasingly desperate pandemic situation, Thai investors are seeking initial public offerings emblematic of the new Covid economy — companies ... Read more »

Banks Q3 profit hit by pandemic's impact

Commercial banks posted combined net profit decline for the third quarter of this year, compared with the previous quarter, mainly impacted by higher numbers of new Covid-19 cases and the ... Read more »

Three headwinds for the global economy

In the past few months or so, several headwinds have emerged in the world economic arena. We have seen a sharp increase in commodity prices, including natural gas, crude oil, ... Read more »

Ratch approves plan to acquire 2 plants from PE

The lignite-fired Hongsa Mine Mouth thermal power plant, Ratch’s joint venture in Sayaboury province, Laos, is among its power plants overseas. Shareholders of SET-listed Ratch Group have approved a plan ... Read more »

Bigger quarantine-free list demanded Businesses say they need tourists from Russia and India

The atmosphere at the passenger terminal of Don Mueang International Airport in Bangkok as officials prepare for the reopening of the country on Nov 1. Tourism operators in major travel ... Read more »

Dow ends at record, capping strong week for US stocks

The blue-chip Dow Jones Industrial Average ended up 0.2 per cent at 35,677.02. NEW YORK (AFP) – The Dow finished at a record on Friday (Oct 22), capping a strong ... Read more »

Sri Racha project bolsters CPN's presence in the East

Mrs Phattaraporn (left) and Mr Nattakit announce the launch of Central Sri Racha. SET-listed property and retail developer, Central Pattana Plc, is strengthening its retail empire in the eastern region ... Read more »

STI inches up for week as traders shrug off extended Covid-19 curbs

SINGAPORE (THE BUSINESS TIMES) – The prospect of more weeks of restrictions to counter Singapore’s Covid-19 outbreak does not seem to have fazed investors going by Friday’s market performance. The ... Read more »

Wendy's partners with Berry Global, LyondellBasell as it shifts to recyclable cups

Photo by: bluebudgie/Pixabay Wendy's hamburger fast-food chain recently revealed its plans to introduce clear plastic cups in its restaurant outlets next year. The shift is part of its efforts to ... Read more »

This shockingly simple investing strategy will make you forget all about meme stocks

It’s a proven fact that investing in the stock market is one of the best wealth-building tools available. But with an overwhelming number of strategies and choices out there, it ... Read more »

Lego releasing ‘Home Alone' set in time for the holiday season

Photo by: Lego Press Release Lego is releasing a new toy set that everyone will instantly recognize right away. The Danish toymaker just announced it would be selling its newest ... Read more »

Cryptocurrency: AMC reveals it may create its own cryptocurrency

Photo by: Sergei Tokmakov Terms.Law/Pixabay AMC Theaters is still so hyped up about cryptocurrency, and this is evident in the moves that the company is taking related to blockchain. In ... Read more »

LG vowed to create more jobs and hire over 30,000 young jobseekers in South Korea

Photo by: LG Website LG Group recently made a pledge to generate thousands of new jobs and hire young people in the next three years. The company said on Thursday, ... Read more »

Google shaves Play Store fees following pressure from lawmakers

Photo by: Photo Mix/Pixabay Google is reducing its service fees in its Google Play app store, and the company made the announcement on Thursday, Oct. 21. The tech headquartered in ... Read more »

CJ ENM reportedly acquiring SM Entertainment and in the stage of finalizing deal

Photo by: CJ ENM/YouTube CJ ENM, one of the most well-known entertainment companies in South Korea, is said to be buying SM Entertainment, another leading firm in the country's entertainment ... Read more »

Naver, Kakao seek network usage fees from Netflix

Photo by: Tumisu/Pixabay Naver and Kakao are asking Netflix to pay them for the use of their network so it can provide service to its subscribers in South Korea. The ... Read more »

Price rise for owner-occupied homes continues to rise

The Hague Existing owner-occupied homes were 18.5 percent more expensive in September than one year previously. That is the largest price increase since July 2000. The price increase weakened somewhat ... Read more »

Crypto Trading Simulators - Crypto Trading Made Easy

The virtual currencies of today are making improvements to the world of finance as we know it. In some ways, they are similar to many fiat currencies but are unique ... Read more »

What Are The Notable Benefits Of Taking A Second-Charge Bridging Loan?

A growing number of investors are opting for second-charge bridging loans to meet their financing needs when buying investment properties or adding extra capital to their business. Additionally, second charge ... Read more »

Explained: How China Evergrande's debt troubles pose a systemic risk

China Evergrande Group has supplied funds to pay interest on a dollar bond, a person with direct knowledge of the matter told Reuters on Friday, days before a deadline that ... Read more »

Buy Navin Fluorine International; target of Rs 4494: KR Choksey

KR Choksey’s research report on Navin Fluorine International NFIL reported topline growth of 6.27% YoY (+3.93% QoQ) at INR 3,389 Mn. For H1FY22 revenue stood at INR 6,655 Mn showing ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic