Freo starts offering savings accounts with Equitas SFB

June 22, 2022

Bengaluru-based fintech startup Freo on June 21 launched a digital savings account offering Freo Save, in collaboration with Equitas Small Finance Bank, in a move to become a full-stack neo banking platform providing lending, savings, and wealth-growth products to consumers.

In an address to the media, the start-up which began as a lending fintech through its platform MoneyTap, announced that it aims to open a million accounts over the next 10 months within the new savings vertical.

Freo’s move is opposite of that of its peers in the consumer neo banking platform space like Jupiter, Fi, Niyo, and others. These players began by offering savings accounts in collaboration with banks and are now entering into lending.

Neobanking platforms act as a technology layer over core product offerings by making a proposition to make banking easier through their interface.

Freo was co-founded by second-time founders and Indian School of Business alumni Anuj Kacker and Kunal Verma in 2015 as a personal loan platform and is backed by investors including Sequoia Capital and Prime Venture Partners.

Kacker said, “This is an integral step in our vision towards providing end-to-end financial products to the country’s millennials, digitally and on the app. With the launch of Freo Save, we have now become a full-stack neo bank that will allow consumers to save, spend, and borrow with Freo’s help, all at the tap of a button.”