FREO, a credit-focused neobank designed to meet the banking needs of millennials in India and Southeast Asia, has partnered with banks to bring new solutions to its clients. Through this credit-focused neobank, consumers will have access to financial products such as line of credit, credit cards, EMI cards, deposits and savings, buy now and pay later and other financial utilities, to help them build their credit profiles, borrow flexibly, save easily, and spend smart.
FREO’s parent company began operations in India with the launch of MoneyTap in late 2016. The company says its goal is to make credit flexible, convenient and affordable, all through an intuitive, category-building product.
The neobank company claims to deliver value to clients as a single point of access to a variety of financial products throughout their lifetimes. In early 2021, FREO entered the BNPL space by launching an innovative product that enables in-store purchases and online transactions based on a QR code. With this FREO banking neo-platform, you can easily strengthen your financial health, get credit, save and spend smarter.
FREO Co-Founder Kunal Varma says: âIn India and the SEA there are over a billion digital natives and the way some of them accessed financial services in the past will not be the same as that of the products of the future. built.”
Experts say the COVID-19 pandemic has shaken many aspects of the world in several ways and the bank was no exception. With a growing demand for convenient and intuitive digital solutions and increasingly crowded and cumbersome offline banking, neobanks have emerged and grown exponentially across the world. The advantage of Neobanks lies in their offering of financial solutions in a fully digital framework using mobile applications, ensuring a smooth and transparent banking experience for users. Neobanks can offer a wide range of simpler, faster and more attractive financial products, taking advantage of advanced technologies.
Renaud Laplanche, serial entrepreneur and CEO of Silicon Valley Unicorns, adviser to FREO, says: âGlobally, there are three types of neobanks: payments, experience and credits. The first category speeds up payments, the second simplifies banking operations and these two categories already exist in the Indian startup ecosystem. The time has come and the Indian market is ready for the introduction of credit-driven neobanking to make credit more accessible, as has been proven in markets like the United States, Europe and Brazil.
Research shows that emerging markets like India and Southeast Asia are bursting with potential thanks to the billions of young, underbanked smartphone users who seek a banking partner who understands their needs and provides them with relevant financial products. These new banking platforms propose to exploit this and promote financial inclusion and accessibility.