FREO is a first of its type, credit-led Neobank in India that’s intended to serve the banking needs of millennials in India and Southeast Asia. For many of its offerings, the business has partnered with banks to deliver new answers to its clients.
Their vision is to attract customers liberty from non-digital financial solutions and supply easy, intuitive, and intelligent ways for individuals to get charge and handle cash easily on their phones. Through this credit-led Neobank, customers will have access to financial products such as a credit line, credit cards, EMI Cards, savings & deposits, buy-now-pay-later, along with other fiscal utilities, to help build their credit statements, borrow money, save readily, and invest smartly.
FREO’s parent company began its operations in India with the launch of MoneyTap in late 2016. It aimed to earn credit flexible, easy, and economical throughout an intuitive, category-creating item. Since its launching, MoneyTap, in partnership with recognized banks and NBFCs, has climbed into one of India’s biggest and most prosperous consumer Fintech firms.
They have brought over 11MN customers to its ecosystem and disbursed up to Rs. 4,000 crore in charge together with issuing 175,000 charge cards (in partnership with RBL Bank). Building on their success in India, the company also introduced their charge goods in Vietnam, intending to make a strong global presence.
Included in its development and expansion plans, the staff at FREO endeavours to offer value to clients as a single point of access to many different financial products during their lifetimes. In early 2021, FREO entered the BNPL space by launching an advanced product that empowers QR code-based retail shop purchases and online transactions.
The COVID-19 pandemic has many upturned facets of the world in several ways, and banking is no different. With an increasing demand for convenient and intuitive digital solutions and offline banking getting cumbersome and crowded, Neobanks have emerged and grown exponentially throughout the world. The benefit of Neobanks is within their offering of financial solutions in an entirely digital setting using mobile applications, ensuring a smooth and easy banking experience for consumers.
FREO intends to achieve so in India, in partnership with different banks and controlled financial institutions, consolidating the ease of modern-day solutions together with all the reliability and trust given by its partners. Moreover, Neobanks can give a broad pool of financial products which are simpler, faster, and more persuasive by minding innovative technologies.
Neobanks attract many clients on account of the expertise they provide. However, it will become tough to market the company with no effective credit engine set up. On the other hand, FREO is not the same breed as Neobank thanks to it being credit-led, so it’s a strong and proven monetization design that enables it to provide customers with a completely distinguished suite of products, in a means that has not been successfully achieved by any other Neobank or user fintech business in India so far.
Kunal Varma, Co-Founder, FREO, stated, India and South East Asia have more than a billion digital natives, and we realize that the way a number of these have obtained financial services previously won’t be the same manner in which goods of the future is going to be constructed. As we embark on this next stage of our journey, we are proud of this group that we have and so are super excited about what lies ahead for us as a Neobank. Please watch out for more product announcements in the weeks to come.
Renaud Laplanche (Serial Entrepreneur and CEO of two Silicon Valley Unicorns, Advisor to FREO) stated, globally, there are 3 Kinds of Neobanks: Payments-led, Experience-led, and Credit-led. The first category makes payments quicker, the next makes banking easier, and these two categories already exist in the Indian startup ecosystem. The time is right, and also the Indian marketplace is prepared for the debut of credit-led Neobanking to generate credit more accessible, as shown in markets such as the USA, Europe, & Brazil. FREO already has a head start in the credit space, and with this benefit, they are sometimes the banking system which caters to the huge middle class whilst staying financially sustainable.”
Studies have revealed that emerging markets such as India and South-East Asia are brimming with possible thanks to billions of underbanked youthful smartphone consumers that want to find a banking partner that understands their needs and provides them with relevant financial products. FREO’s vision is to provide them precisely what they want to find and bring about financial inclusion and availability.