FREO - India's First Credit-Led Neobank for Millennials
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 a lot of its offerings, the business has partnered with banks to deliver new answers to its clients.
FREO's 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 in their own phones. By means of 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, so as 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. Its aim was 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 to turn into one of India's biggest and most prosperous consumer Fintech firms. During MoneyTap, FREO has brought over 11M customers to its ecosystem and disbursed up of 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 with a goal to make a strong global presence.
Included in its development and expansion plans, the staff at FREO endeavors 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 which empowers QR code-based retail shop purchases and online transactions.
The COVID-19 pandemic has upturned many facets of the world in a number of 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 through 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. Neobanks can give a broad pool of financial products which are simpler, faster, and more persuasive, by minding technologies that are innovative.
Neobanks attract a high number of clients on account of the expertise they provide, however it will become tough to market the company with no effective credit engine set up. FREO is not the same breed of Neobank thanks to it being credit-led, so it's a strong and proven monetization design that enables it to provide customers 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 SEA, 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 exactly the exact 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 at 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.