FREO, a credit-led Neobank developed to serve the banking requires of millennials in India and Southeast Asia, has partnered with banks to bring new options to its consumers. Through this credit-led Neobank, customers will have access to economic solutions such as a credit line, credit cards, EMI cards, deposits and savings, get-now-spend-later, and other economic utilities, to assistance create their credit profiles, borrow flexibly, save simply, and commit smartly.
FREO’s parent enterprise began its operations in India with the launch of MoneyTap in late 2016. The enterprise says its aim is to make credit versatile, practical, and economical, all via an intuitive, category-generating solution.
The neobanking enterprise claims to provide worth to consumers as a single point of access to a wide variety of economic solutions all through their lives. In early 2021, FREO entered the BNPL space by launching an revolutionary solution that enables QR code-based retail shop purchases and on the net transactions. With this neo banking platform FREO, one can simply create their economic well being, get credit, save, and commit in smarter methods.
Kunal Varma, Co-Founder, FREO says, “In India and SEA, there are over a billion digital natives and the way some of them have accessed financial services in the past will not be the same way in which products of the future will be built.”
Experts say, the COVID-19 pandemic has upturned numerous elements of the world in various methods and banking has been no distinctive. With a increasing demand for practical and intuitive digital options and offline banking becoming crowded and cumbersome, Neobanks have emerged and grown exponentially across the globe. The benefit of Neobanks is in their providing of economic options in a absolutely digital setting employing mobile applications, guaranteeing a smooth and seamless banking encounter for customers. Neobanks can offer you a wide pool of economic solutions that are simpler, faster, and more compelling, by leveraging state-of-the-art technologies.
Renaud Laplanche, a Serial Entrepreneur and CEO of Silicon Valley Unicorns, Advisor to FREO, says, “Globally, there are three types of Neobanks: Payments-led, Experience-led, and Credit-led. The first category makes payments faster, the second make banking simpler and these two categories already exist in the Indian startup ecosystem. The time is right and the Indian market is ready for the introduction of credit-led Neobanking to make credit more accessible as proven in markets like the USA, Europe, and Brazil.”
Research shows that emerging markets like India and South-East Asia are brimming with prospective due to billions of underbanked young smartphone customers who are seeking for a banking companion that understands their requires and delivers them with relevant economic solutions. These neo banking platforms are providing to tap that and bringing about economic inclusion and accessibility.