Bengaluru-based neobanking platform Freo on Tuesday launched its digital financial savings account ‘Freo Save’ in partnership with Equitas Small Finance Financial institution.
Freo mentioned, with this launch, it has turn into the primary shopper neobank within the nation to offer full-stack neo-banking merchandise, together with good financial savings account, credit score and funds merchandise, playing cards and wealth-growth merchandise.
The neobank is planning to open a million new accounts within the subsequent ten months.
Freo mentioned, nearly 60 per cent of Indians nonetheless use public sector banks as per the RBI. It additionally added that in a survey carried out in 1,000 cities the place Freo is current, respondents mentioned they needed digital financial savings account providing all kinds of merchandise and options, together with simpler entry to credit score, increased curiosity, and higher methods to develop their cash all accessible digitally on the contact of a button.
Freo mentioned its digital financial savings account has been built-in with Equitas’ infrastructure on the Freo Save App and has seamless UPI integration, making it a 100 per cent digital expertise.
Anuj Kacker, Co-Founder, Freo mentioned, “The launch of Freo Save in partnership with Equitas Small Finance Financial institution is an integral step in our imaginative and prescient in the direction of offering end-to-end monetary merchandise to the nation’s millennials, digitally and on the app. With the launch of Freo Save, we’ve got now turn into a full-stack neobank that may enable shoppers to save lots of, spend, and borrow, all on the faucet of a button.”
Began as MoneyTap in 2016, Freo is India’s first credit-led neobank. Presently, Freo gives a variety of economic merchandise, together with credit score line, bank cards, EMI playing cards, deposits & financial savings, purchase now, pay later (BNPL) merchandise in partnership with banks and monetary establishments.
Freo Save will provide fast entry to credit score & buying and thru its partnership with Equitas Small Finance Financial institution. It’s going to present as much as 7 per cent curiosity on buyer financial savings for balances above ₹5 lakh as much as ₹2 crore. Freo Save shall be out there in a number of Indian languages, together with English, Hindi, and Tamil.
Murali Vaidyanathan, Senior President & Nation Head – Department Banking – Liabilities, Merchandise & Wealth, Equitas Small Finance Financial institution, mentioned, “Freo Save brings collectively our experience in banking providers and Freo’s power in lending to supply shoppers a world-class consumer-first digital banking expertise. I’m assured that Freo Save will discover vast acceptance throughout our current and potential buyer base and supply a brand new method of banking to people.”
June 22, 2022