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Freecharge announces launch of the Beta version of its Neo-Banking platform

Freecharge announces launch of the Beta version of its Neo-Banking platform

Invites users to be collaborators towards building a unique banking experience

Gurugram, November 17, 2021: Freecharge, one of the leading platforms for digital financial services, hasannounced the launch of theBeta version of its Neo Banking platform. It invited its users to be collaborators for building this new platform. The platform saw 18K sign ups from its existing user base in just one week of opening the sign up process and is expected to grow.

Keeping in mind the unique aspirations and goals of millennials, Freecharge’s Neo banking platform will allow the beta testers to co-create a unique banking experience by giving feedback on its tools and features. This collaborative effort will result in a banking platform fit for millennials with tools best fit for their savings and lending needs.

On the occasion of the announcement, Siddharth Mehta, MD &CEO, Freecharge said, “Neo banks are the new disruptors on the block offering convenience, personalisation and various banking, payments, investment and credit functionalities on one single platform. Digital savvy users helping us build the product will not only equip us with a better understanding of their requirements, but will also allow easy flow of information that will make product integration seamless to begin with. Customer’s affinity towards Neo Banks is evident from the organic sign ups that we have received in the first week itself.”

The Neo bank offering will not only equip their users to better manage their finances, but will also challenge the status quo and build a banking experience that works for them. The final version of the platform will offer services including a full KYC Savings Account, Fixed Deposits, Recurring Deposits, Mutual Funds,Personal Loans, Buy Now pay later and Credit Cards, all managed digitally. It will also offer toolslike a financial health score and a goal management platform.

Siddharth further added, “With a digital interface and secure transactions, the Neo Banking platform will give flexibility and seamless experience to our tech savvy customer base. Pandemic has accelerated the digitization of financial services and we at Freecharge are aiming to leverage this and transform into a full-fledged financial services provider.”

About Freecharge:

Headquartered in Gurugram, Haryana, Freecharge is India's leading digital payments player. A 100% subsidiary of Axis Bank, Freecharge is focussed on providing its customers a wider suite of financial services and products ranging across payments, savings and investment, lending and credit card. Freecharge products on the investment side range from FD to Mutual funds to Digital Gold. On the lending front, the offerings span across small ticket loans, Buy Now Pay Later to large ticket loans, all supported by Axis Bank. Freecharge has always been known for offering safe and seamless utility bill payments like electricity, gas, landline, mobile recharges, broadband, DTH. The organization emphasizes on creating value proposition for the end users by making payment transactions smoother and faster. With a robust infrastructure supporting multiple payment methods,Freecharge users can choose to pay via wallet, UPI, net banking, debit cards and credit cards to spend on products and services like electronics, travel, food, online shopping, movies, etc. at their favourite offline or online merchant or even loan repayments. The digital credit card of Freecharge has been specifically designed to make everyday payments more rewarding. The intent is to offer a seamless digitaluser journey and build a holistic financial services platform.

Freecharge isa significant player in the merchant business and is constantly innovating and building new products to support small retailers to reach out to their customers at a more personal level. Unique products like Paisa Plus, Khata and Payment Link have been designed keeping in mind the needs of small merchants.


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