Can India’s neobanks challenge traditional lenders and transform an archaic industry? – The National

Can India’s neobanks challenge traditional lenders and transform an archaic industry? – The National

A new wave of FinTech start-ups in India are tapping into the country's rapidly growing dependence on smartphones and demand for digital solutions by offering consumers and businesses the option to bank virtually.

“In today's day and age, as a consumer, I get everything on my phone: I get groceries, I get a cab, I get health care and I can make payments, so why shouldn't my money be available to me at my fingertips?” says Anuj Kacker, co-founder and chief executive of Freo, an India-based neobank that is aiming at a tech-savvy generation of white-collar workers.

The company's focus is on offering credit, which has helped Freo to grow rapidly since its launch in August last year to almost one million users.