The pandemic and following lockdowns changed the way the world operated, and of course, the traditional banks were a part of the world that was before 2020. However, with many restrictions laid during those times, digital banking became a thing of the present and as it seems, it is the future. These banks eventually came to be known as Neo Banks.
Neo banks are financial institutions, similar to traditional banks that only function on digital channels, such as mobile apps or through websites. Top Neo banks in India have no physical presence across the country and only function via virtualization.
Regardless of the fact that neo banking in India is a relatively new idea, the future appears bright, with the young and several commercial companies preferring the offerings of such financial technologies over their traditional ones.
Here is a list of India’s top Neo banks who have shown remarkable growth and shown reliability.
Jupiter
Founded in the year 2019 by Jitendra Gupta, Jupiter is a bank designed to provide digital users with financial services that are updated. It allows consumers to open bank accounts in seconds. Jupiter claims to offer zero balance account options and rapid help to its customers.
Fi Money
Sujith Narayanan and Sumit Gwalani co-founder of GPay also founded this Neo Bank in 2019 with a vision to push the market to “smarter” technology. Fi Money is a neobank that provides safe online financial services to today’s employees. It offers smart zero balance savings accounts for consumers to help them manage their finances better.
Niyo
Niyo, was founded in 2015 by the financial sector and payment specialist Vinay Bagri. The platform aims to create smarter, safer, and Easier Banking. Niyo offers a variety of important banking tools such as Niyo X, Niyo Money, Niyo Global and Niyo Bharat.
OcareNeo
Dr. Neeraj Sheth established OCareNeo to assist the people of this generation is focusing on their health requirements. OCareNeo assists its clients in embarking on their ehealth journey, allowing them to have easy access to their personal and their family’s health, as well as financial data.
ZikZuk
Established by Raj N in the year 2020, ZikZuk is a one-of-a-kind Neo bank with the goal of promoting the growth of Indian SMEs. ZikZuk provides FoundersCard, a credit card that enables business founders/entrepreneurs with the finest credit ratings by offering several interesting perks, as one of its goods or services.
Open
Ajeesh Achuthan, Mabel Chacko founded Open, a well-known digital business banking service supported by over 20,00,000 Indian enterprises. Open, based in Bangalore, attempts to simplify corporate banking. Open business accounts, which was founded in 2017, provides VISA business cards that aid in banking, payment administration, financial reporting, and other areas.
Finin
Initiated in 2019 by Suman Gandham and Sudheer Maram, Finin is a modern neo banking firm that was created in 2019 with the goal of bringing “a fresh approach to banking.” The very first customer-facing neobank provides simple account setup and administration with a full app. Finin, which is enabled by cutting-edge AI technology, also provides customers with intelligent insights to assist them to optimise their finances.
Kotak 811
Founded by Uday Kotak in the year 2016, Kotak811 is a neo-bank-based banking idea that provides people with personal bank accounts and debit cards. Kotak Mahindra created this new idea of simple, internet banking services for its consumers called Kotak811, where the numerals represent the day when demonetization was announced in India.
InstantPay
Established in 2013 by Shailendra Agarwal, InstantPay, which bills itself as India’s biggest neo banking platform, provides complete online banking services to both corporations and people. InstantPay provides simple banking solutions that allow users to buy, invest, and handle finance online.
RazorPayX
Harshil Mathur, Founder of RazorPay X established this Neo Banking solution in 2014 as a strong and easy commercial banking solution. RazorPay X is designed to accelerate Indian firms’ banking and finance by providing a totally digital account, automatic payments and payables, corporate cards, and detailed financial analytics all in one spot.