FREO, a credit-driven Neo bank in India and Southeast Asia that caters to the banking requirements of millennials, has teamed with banks to offer additional services to its users. Consumers will be able to access financial products such as a credit line, credit cards, EMI cards, deposits and savings, buy-now-pay-later, and other financial utilities through this credit-led Neo bank, which will help them build their credit profiles, borrow flexibly, save easily, and spend wisely.
With the introduction of Money Tap in late 2016, FREO’s parent business began operations in India. The firm claims that its mission is to make credit more flexible, simple, and cheap through a user-friendly, category-defining solution.
Customers will benefit from the neo banking firm’s one point of access to a range of financial products throughout their life, according to the firm. FREE joined the BNPL market in early 2021 with the debut of an innovative solution that allows QR code-based retail store purchases and online transactions. With FREO, a neo banking platform, users can effortlessly improve their financial health, obtain credit, save, and spend more wisely.
“In India and Southeast Asia, there are over a billion digital natives, and the way some of them have received financial services in the past will not be the same way that solutions of the future will be built,” says Kunal Varma, Co-Founder of FREO.
According to experts, the COVID-19 epidemic has thrown many sectors of the globe into disarray, including finance. Neo banks have sprung up all over the world in response to a growing desire for easy and intuitive digital solutions, as well as the overcrowding and inefficiency of traditional banking. Neo banks have an advantage in that they provide financial services in a wholly digital context via mobile applications, guaranteeing a smooth and seamless banking experience for customers. By embracing cutting-edge technology, neo banks can offer a diverse range of financial solutions that are easier, faster, and more appealing.
“Globally, there are three sorts of Neo banks: Payments-led, Experience-led, and Credit-led,” explains Renaud Laplanche, serial entrepreneur and CEO of Silicon Valley Unicorns, and FREO Advisor. The first category facilitates payments, while the second simplifies banking; both of these categories are already present in the Indian start-up ecosystem. The moment is perfect, and the Indian market is ready for credit-led Neo banking to make credit more accessible, as has been demonstrated in places such as the United States, Europe, and Brazil.”
According to research, emerging economies such as India and Southeast Asia have a lot of promise since there are billions of unbanked young smartphone users waiting for a banking partner that knows their requirements and can provide the appropriate financial solutions. These neo banking platforms promise to tap into that, delivering financial inclusion and accessibility to the masses.