Tag: neobank

FREO partners with HDB Financial Services to offer lending solutions to new-age customers, BFSI News, ET BFSI

Banking & Finance

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FREO, India’s Neobank, formerly known as MoneyTap, has partnered with HDB Financial Services (HDBFS) to cater to the evolving financial needs of new-age consumers. Through this association, FREO will be providing customers with two innovative credit products: a credit line and a high-ticket personal loan across multiple cities in India. HDBFS in partnership with FREO will offer a credit line that enables consumers to get access to credit anywhere, anytime via a smartphone.An individual will get a personalized amount approved which they can start using immediately. As they repay the borrowed amount, the credit limit is replenished and they can continue withdrawing as much as they need. Furthermore, interest is levied only on the amount the consumer uses, and not the overall limit they have been given. The partnership also offers consumers high-ticket personal loans of up to INR 10 lacs, which can be utilized for bigger expenses such as home renovation, buying a vehicle, planning a trip, and so forth.

Bala Parthasarathy, Co-Founder, FREO, said, “Partnerships with banks and reliable financial institutions play a pivotal role in building the Fintech ecosystem, making credit easily accessible for unbanked customers and helping them save and spend smartly throughout their financial journey. In sync with this vision, we have collaborated with HDB Financial Services Ltd and aim to deliver a complete digital financial journey to customers which is easy and flexible. We are delighted with this partnership and look forward to transforming the fintech ecosystem together in the times to come.”

G Ramesh, MD & CEO, HDB Financial Services, said, “The HDBFS-FREO partnership is aimed at ensuring hassle-free access to credit to meet the ever-evolving needs of our customers across India and fulfill their aspirations. We have a strong presence in more than 950 locations with over 1300 branches pan-India. The association is a great step towards boosting the overall customer experience by providing them with easy finance through digital channels”.



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UK’s fintech firm Tide to invest over ₹1,000 crore in India

Banking & Finance

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Fintech firm, Tide, the UK’s leading SME-focused neobank, has forayed into the India market, its first international market. As part of its India chapter, Tide announced that it will create over 1,000 jobs and invest more than ₹1,000 crore in India.

These jobs will be across a wide variety of roles, including product development, software development, marketing, risk & compliance and member support. Hiring has already begun and the company will be hiring both freshers and laterals across levels.

Tide already has over 200 highly skilled employees in India, with most based in its Hyderabad technology centre, which was set up in early 2020. Its business headquarters are in Gurugram. Tide is building a robust team in India, creating a pool of talented and experienced colleagues that will help build the business, scale operations and further Tide’s desire to unleash the true potential of Indian SMEs by helping them save time and money in running their businesses.

Also read:How China humbled Britain’s mighty HSBC Bank

“We, at Tide, are committed to serve India with our innovative business banking solutions and support the country’s post-pandemic economic recovery. Through this, Tide looks to contribute to both the countries’ vision in developing a roadmap to a free trade agreement with a target of 100 billion pounds by 2030,” said Gurjodhpal Singh, CEO, Tide India.

Besides providing business accounts and related banking services, Tide will also offer a comprehensive set of administrative solutions including invoicing, digital ledger, taxation, payroll etc. to help SMEs run their businesses easily and efficiently. Besides supporting the organised SME sector, Tide will also focus on serving the unregistered and unorganised sector, helping small businesses digitise and bringing them into the mainstream.

Also read:Investment tech start-ups see surge in funding in 2021

As a first step towards this mission, Tide recently announced its collaboration with its first banking partner, RBL Bank, one of India’s fastest growing private sector banks. RBL Bank will provide the bank account infrastructure for Tide’s India platform where members (SMEs) will have an option to open current and savings accounts.

Congratulating Tide on the achievement, UK Minister for Investment, Gerry Grimstone said, “I am pleased that Tide’s innovative business financial platform, part of the UK’s world leading fintech ecosystem, is embracing the opportunities in India’s dynamic and growing SME market. The UK and India have ambitious plans to deepen our trade and investment partnership and bring benefits to both economies, and this is a great example of what we can do together.”

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UAE’s first independent digital banking platform launched, BFSI News, ET BFSI

Banking & Finance

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The first independent digital banking platform in the United Arab Emirates launched on Sunday, a neobank hoping to become a leader in the Middle East, Africa and South Asia.

Dubai-based YAP does not have a banking licence itself but has partnered with RAK Bank which provides international bank account numbers for YAP users and secures their funds under its own banking licence.

YAP, like other neobanks which do not have physical branches, does not offer traditional banking services like loans and mortgages, but offers spending and budgeting analytics, peer-to-peer payments and remittances services and bill payments.

YAP is in the process of partnering with banks in other countries, head of product Katral-Nada Hassan said, including a bank in Saudi, in Pakistan and in Ghana.

Global leaders in digital banking, such as Revolut, one of the world’s fastest-growing apps, do not have a UAE presence.

Some UAE banks have in recent years launched their own digital banking offerings targeted at digitally-savvy and younger users, such as LIV by Emirates NBD and Mashreq Neo by Mashreq Bank.

Abu Dhabi state-owned holding company ADQ last year said it plans to set up an as-yet unnamed neobank using a banking licence of the country’s biggest lender, First Abu Dhabi Bank (FAB).

“The fintech revolution has become very popular in other parts of the world and we saw a gap and unique need for this service in the Middle East,” said YAP CEO and founder Marwan Hachem

Hassan said there are challenges for fintechs looking to expand to the UAE.

“There are a lot of fintechs right now looking at partnering with banks, but that requires a lot of discussion, relationship building … It is not an easy thing to do,” she said, adding YAP’s founders had an existing relationship with RAK Bank.

YAP is at seed funding stage, funded by founders, a private equity firm and private investors, Hassan said, adding that more than 20,000 customers have pre-registered and accounts will gradually go live in coming weeks.



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Rewire, a neobank for expats, raises $20 million to extend financial services

Banking & Finance

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Rewire, a fintech start-up that develops cross border online banking services tailored for the needs of expatriate workers worldwide, on Thursday announced a Series B funding round of $20 million and a significant line of credit from a leading bank.

The round, led by OurCrowd, included new key investors Renegade Partners, Glilot Capital Partners (through its early growth fund Glilot+), and Jerry Yang, former Yahoo! CEO and director at Alibaba, through AME Cloud Ventures. They were joined by current investors including Viola Fintech, BNP Paribas through their venture capital fund Opera Tech Ventures, Moneta Capital, and private angel investors.

The funding round further builds on the firm’s growth in South-East Asia. Since launching its services in the region in 2016, Rewire has seen users remit hundreds of millions per year to Asia, and has acquired over 230,000 users originally from China, the Philippines, India and Thailand. The firm’s userbase continues to grow rapidly, with users from the Philippines and Thailand growing at 300 per cent year-on-year. Similarly, the number of users originally from India is growing at 350 per cent while the pool of users originally from China is growing at 1000 per cent year-on-year, the company said in a statement.

Rewire was founded with the vision to empower every migrant to fulfil their financial potential for a better future, for themselves and their families. The current round of funding will enable the fintech startup to continue enhancing its product portfolio and services, as well as its strategic partnerships in the migrant’s country of origin and the country in which they currently reside.

Rewire has recently secured its EU Electronic Money Institution licence (EMI), granted by the Dutch Central Bank, which allows the fintech start-up to issue electronic money, provide payment services, and engage in money remittance. Rewire was also granted an expanded Israeli Financial Asset Service Provider. Acquiring these licences is another major step for the fintech start-up in its mission to provide secure and accessible financial services for migrant workers worldwide.

Rewire CEO Guy Kashtan said: “At our core, we aim to create financial inclusion. Everything that we do at Rewire is aimed to help migrants to build a more financially secure future for themselves and their families. To do so, we aim to provide services that go beyond traditional banking services such as insurance payments in the migrant’s home country and savings accounts. This investment and licences are major steps towards fulfilling our company’s vision and will be used for additional expansion of geographies and products.”

To boost its cross border solution, Rewire plans to enrich its platform with new value-added services such as bill payments and insurance, in addition to credit and loan services, investments, and savings. Adding these to its existing remittance services, payment account, and debit card, Rewire is able to make its first-rate financial services more accessible to migrants and, thus, include them in the financial systems.

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