Brand in action: How Freo is leading neobanking in India | WARC | The Feed

Brand in action: How Freo is leading neobanking in India

With nearly two million consumers on its platform and an app that has been downloaded more than 20 million times, Freo is the Indian credit-led neobank catering to a vast audience only likely to grow. 

Why it matters 

The nascent neobanking industry in India is about serving consumers who are generally 'underbanked'. Freo spotted this opportunity and has been able to successfully exploit it, in part by offering its customers the personal experience they had been missing. 

Takeaways 

• Freo has apps in vernacular languages and offers everything from savings accounts, credit lines, credit cards, gold loans to financial utility and pay later services.
• One recent challenge is fraud but Freo’s risk team intentionally puts more brakes and checkpoints to catch fraudsters.
• While a bank branch serves only a small geographic area, neobanks can serve 80% of use cases for consumers digitally and save them a visit to the banks.