Tag: MoneyTap

Kunal Varma, Chief Business Officer,and Co-Founder, MoneyTap 
Business World

FREO, the new credit led NeoBank: the future of Banking is here

Jun 10, 2021 by Neel Achary 0 Comments #and Co-Founder, #Chief Business Officer, #Kunal Varma, #MoneyTap

National, June 09th, 2021: FREO is a first of its kind, credit-led Neobank in India that is designed to serve the banking needs of millennials in India and Southeast Asia.For many of its offerings, the company has partnered with banks to bring new solutions to its customers.

FREO’s visionis to bring consumers freedom from non-digital financial services and provide simple, intuitive, and smart ways for people to access credit and manage money with ease on their phones. Through this credit-led Neobank, consumers will have access to financial products such as a credit line, credit cards, EMI cards, deposits & savings, buy-now-pay-later, and other financial utilities, in order to help build their credit profiles, borrow flexibly, save easily, and spend smartly.

MoneyTap -Team

FREO’s parent company started its operations in India with the launch of MoneyTap in late 2016. Its goal was to make credit flexible, convenient, and affordable, all through an intuitive, category-creating product. Since its launch, MoneyTap, in partnership with established banks and NBFCs, has scaled to become one of India’s largest and most successful consumer Fintech companies. Through MoneyTap, FREO has attracted over 11M users to its ecosystem and disbursed upwards of Rs. 4,000 crore in credit along with issuing 175,000 credit cards (in partnership with RBL Bank). Building on their success in India, the company also launched their credit products in Vietnam with an aim to create a strong international presence.

FREO, the new credit led NeoBank

As part of its growth and expansion plans, the team at FREO endeavors to provide value to customers as a single point of access to a variety of financial products throughout their lives. In early 2021, FREO entered the BNPL space by launching an innovative product that enables QR code-based retail store purchases and online transactions.

The COVID-19 pandemic has upturned many aspects of the world in multiple ways and banking has been no different. With a growing demand for convenient and intuitive digital solutions and offline banking becoming crowded and cumbersome, Neobanks have emerged and grown exponentially across the globe. The advantage of Neobanks is in their offering of financial solutions in a completely digital setting using mobile applications, ensuring a smooth and seamless banking experience for users. FREO aims to do this in India, in partnership with other banks and regulated financial institutions, merging the convenience of modern-day solutions with the trust and reliability provided by its partners. Neobanks are able to offer a wide pool of financial products that are easier, quicker, and more compelling, by leveraging state-of-the-art technologies.

Neobanks attract a large number of customers due to the experience they offer, however it becomes difficult to monetize the business without an effective credit engine in place. FREO is a different breed of Neobank thanks to it being credit-led, which means it has a powerful and proven monetization model that enables it to offer customers a completely differentiated suite of products, in a way that hasn’t been successfully done by any other Neobank or consumer fintech company in India so far.

Kunal Varma, Co-Founder, FREO said, “India and SEA, have over a billion digital natives and we understand that the way some of them have accessed financial services in the past will not be the same way in which products of the future will be built. As we embark on this next phase of our journey, we’re proud of the team that we have and 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) said, “Globally, there are three types of Neobanks: Payments-led, Experience-led, and Credit-led. The first category makes payments faster, the second makes banking simpler and these two categories already exist in the Indian startup ecosystem. The time is right & the Indian market is ready for the introduction of credit-led Neobanking to make credit more accessible as proven in markets like the USA, Europe, & Brazil. FREO already has a head start in the credit space and with this advantage, they can be the banking platform that caters to the vast middle class while remaining financially sustainable.”

Research has shown that emerging markets like India and South-East Asia are brimming with potential thanks to billions of underbanked young smartphone users who are looking for a banking partner that understands their needs and provides them with relevant financial products. FREO’s vision is to offer them exactly what they are looking for and bring about financial inclusion and accessibility.

Website: www.Freo.Money

loan
Business World

Worried about month-end expenses? Here are Top 5 micro-lending platforms to avail the short-term credit loans as per your requirements

Nov 25, 2020 by Gouri Achary 0 Comments #Happy Loans, #KreditBee, #micro-lending platforms, #MoneyTap, #month-end expenses, #short-term credit loans, #Shubh Loans, #SmartCoin

Are you worried about the month-end expenses already because you have to pay important bills or a sudden expense came up and you are low on funds? The first instinct may be to ask family or friends and if the amount is quite high, you could decide to apply for a bank loan. But now micro-lending platforms are offering instant loans with competitive interest rates and tenure durations. Applying for a loan with these fintech companies isn’t just easy but also quicker than traditional options like banks. Hence, we have curated a list of the Top 5 micro-lending platforms to help you choose a loan by comparing and selecting the best loan as per your requirement.

1. SmartCoin– SmartCoin is India’s first fully-automated next-gen Fintech company aiming to address the credit requirements of innumerous self-employed micro-entrepreneurs, micro-merchants and middle/lower-income salaried individuals. At SmartCoin, anyone can avail loan from Rs. 1000 – up to 25,000 with a tenure of 91 days to 120 days. Through SmartCoin, you can avail instant repeat loans as it also improves the credit history of the customer by allowing them to get higher loans later if the initial loan is repaid on time. Customers get a bank transfer once they finish filling all details within a few hours on its app. It also offers its customers completely paperless transactions. SmartCoin also offers the Flexi-loan and repayment schedule options to its customers as well.

2. MoneyTap– MoneyTap is a Bengaluru-based fintech company. It disrupted the digital lending business by offering lines of credit in the form of personal loans for consumers, in partnership with RBL Bank. It recently received an NBFC licence, which they intend to use to enter into co-lending space with their lending partners. This allows them to offer better interest rates to customers. MoneyTap has been offering quick collateral-free personal loans to borrowers since 2016. One of its notable features is that it has a very simple documentation process for getting a personal loan. The mobile app also allows you to keep track of all the borrowings.

3. Shubh Loans: Shubh Loans- a Bengaluru-based fintech startup which is a lending app that is helping a growing number of salaried employees (starting from 12K) in getting a loan of up to 5 Lacs with a long term (up to 4 years) EMI tenure. The smart credit model deviates from the traditional model (where the individual’s repayment capacity is the sole criteria) and replaces it with the Shubh Loans credit model (which analyzes repayment capacity of and intention-to-pay by the individual.

4. Happy Loans: Happy assess over 1,000 variables about the merchants to underwrite their micro-business. Its credit model is based on the merchant’s level of business engagement with the partner, his behaviour towards borrowing, APIs, demographics, and business trends. If the merchant is doing healthy business with the partner, he/she is likely to get a big credit line from Happy Loans. Promising a unique borrowing experience to Indians, Happy Loans provides customised loan offerings to the micro-enterprises’ owners to meet their specific demands. It even offers micro business loans that start as low as Rs 2,000 for the duration as minimum as 30 days.

5. KreditBee– KreditBee is an instant personal loan app for young professionals. You can get a loan of up to ₹ 1 Lakh. The loan process is 100% online. The disbursement is done within 15 mins, and the amount is directly credited to your bank account. Launched two years ago, KreditBee is an Instant Personal Loan platform for self-employed and salaried professionals. They can apply for Personal loans starting from Rs 1,000 up to Rs 2 Lakhs as per their requirement. The documentation required is very minimal, and the entire process – starting from registration on our app to loan disbursement does not take more than 15 minutes. They offer Flexi Personal Loans that are the smaller ticket size loans ranging from Rs 1,000 to Rs 10,000, to suffice the needs of salaried and self-employed for small expenses or unexpected emergencies, as also an essential infusion from much-needed funds during cash crunch at the end of the month.

Diwali Gifts
Business World

Companies become thoughtful with Diwali gifts for employees

Nov 11, 2020 by Gouri Achary 0 Comments #Burgeon Law, #Cashfree, #Coca-Cola, #Diwali corporate gifting, #Diwali Gifts, #Employees, #MoneyTap, #upGrad:

During the pandemic when most of the people are going through distressing times, companies have become thoughtful about Diwali gifts to make their employees feel appreciated, motivated and cheered up. Moving beyond the traditional gifts like sweets and chocolates, companies have now shifted towards contactless and personalized Diwali gifting. The major focus of Diwali corporate gifting this year has shifted to the overall wellbeing of employees.

Here is a list of five companies which have added a personal touch to their employee gifting this Diwali.

Coca Cola

To ensure the safe and no contact gifting, Coca-Cola has sent gift hampers of its products to the homes of its employees. It has also sent redeemable digital vouchers to them which can be used as per one’s convenience.

Burgeon Law

India’s leading boutique law firm Burgeon Law has sent each team member a Diwali gift which helps with physical, mental as well as their spiritual wellness. It has gifted them a fitness pack of yoga mats, water bottle and a herbal potli bag for pain relief. Burgeon Law is encouraging its employees to spend time with nature while being safe.

upGrad

One of the leading online higher education companies, upGrad is providing customised gifts to the family members of its employees. It is offering a variety of gifts like Fitbits, Carvaan audio players, chocolates and superhero T-shirts along with a personal note to the family members while describing the employee’s contribution to the organization.

Cashfree

One of the leading payment gateway startups, Cashfree has given Bluetooth speakers, kindles and premium chocolates to its employees. The company aims to help its employees to enjoy the festivities while staying home and making the most out of the gadgets to pamper themselves.

MoneyTap

MoneyTap has gifted French press coffee makers to all employees along with Marriott gift hampers. In addition to this, it has added a personal touch to the gifts with goodie bags, personalised thank you cards, and has also gifted custom-made crystal mementoes to the employees who have completed five years with the company.