Top 11 Neo Banks in India

In India, Neobanks are digital-only banks with no physical offices that provide a wide range of services not available through traditional banks. 


They use artificial intelligence and machine learning to provide end-users with personalised and customised financial services while lowering overall operating costs.


Smartphone penetration, particularly in India, has increased to 60.63 percent in 2021 from 46.44 percent in 2019 (CAGR 14.26 percent), because of the COVID-19 pandemic. This rise in smartphone usage across the country has aided Fintechs and other comparable organisations in bringing about much-needed change way faster than expected. 

In India, the outbreak of the COVID-19 epidemic aided the creation of neobanks. People of various ages and backgrounds are teaching themselves and their peers how to become tech-savvy and take control of their finances by using Neo banking services.


Neobanks in India currently target three distinct consumer segments: 


  1. High-end customers that are constantly seeking better and frictionless banking experiences. 
  2. Customers that are underbanked do not have access to high-quality banking services and have an uncertain income. 
  3. Working-class people who want to learn how to handle and develop their money in order to become financially independent. 
  4. Another area that is becoming reliant on Neo Banks is micro, small, and medium-sized companies (MSMEs).


Currently, numerous neobanks in India are focusing on each of these categories. They provide a variety of banking and financial management services, ensuring that the target audience has access to what they require at any time.


Here are the top NeoBanks currently operating in India- 




Customer centric Neo Bank, founded by Jitendra Gupta in 2019.


It works on making the digital banking experience simple, seamless and as convenient as possible for customers. 

Works towards 

-Making banking simple

-Tracking finances easily

-24×7 customer service

-Complete transparency in banking services

-Saving account setup in just 3 minutes

-No hidden charges

-Providing financial guidance

-Provides exclusive Debit Card to its customers with benefits such as – 1% reward on all purchases, security features like freeze and sleep, no annual charges, exclusive discounts.




Digital banking for businesses and individual customers, founded by Shailendra Agarwal in 2013. With the slogan “ Banking for the New India “, InstantPay provides easy banking options for individuals to save, manage and spend money online. As per records, InstantPay processes more than One Million transactions everyday.

Mostly know for providing- 

-Instant account setup

-Money tracking

-24x7x365 customer support service

-Cash deposits


InstantPay is working with a number of well-known Indian banks, including ICICI Bank, Axis Bank, IndusInd Bank, and Yes Bank, to provide users with seamless financial services.

Customers have the option to use the InstantPay website or download the InstantPay mobile app. Both platforms are user-friendly. 

Businesses can quickly perform financial transactions by integrating InstantPay’s API with their accounting systems. Businesses can use the API to automatically scale from zero to a million transactions per day. 


InstantPay digital account services includes- 

-No requirement for a minimum balance 

-Services for cash withdrawal 

-Set spending boundaries and track finances. 

-Make payments both online and in person. 

-Make significant investments 


MSMEs (Small and medium-sized enterprises) can create bank accounts and use a variety of services, including-

-Accounts with debit cards and cheque books 

-Money can be received and sent to merchants, individuals, and other enterprises. 

-Using an in-built CRM system, onboard and managing customers, vendors, and staff. 

-Request  business loan. 

-Make investments and manage corporate spending. 


InstantPay also provides the InstantPay Digi Kendra service, which allows customers to conduct basic banking transactions, obtain insurance, book trips, and much more while on the go.




Founded by Vinay Bagri in 2016, Niyo is a Neo Bank which believes in making banking smarter, safer and simpler.  Niyo has multiple suites of modern banking which includes-



A is a savings account that includes wealth management capabilities. 

-Provides 7% interest on saving accounts.

-Option to invest in mutual funds directly. 


Niyo Global-

Enables customers to travel the world with ease. 

-With no markup on Forex anywhere in the world. 

-Enable customers to spend INR in over 150+ currencies with no additional fees. 

-Customer service is available 24×7, via in-app chat. 

-Interest rates on deposits of up to 5% 


Niyo Money-

Account with in-build Robo-advisory for wealth management 

-Providing option to invest in no-commission mutual funds. 

-Enabling customers to Import, monitor, and manage mutual fund portfolios. 

-To attain financial goals, use goal-based advisory services. 

-Invest in stocks and ETFs on the domestic and international markets. 


Niyo Bharat-

An open-banking platform for enterprises and employee wage cards. 

-Providing prepaid cards with no balance

-Over ten languages are supported by this multilingual software.

-Option to have hassle free and instant salary transfers, HRMS and payrolls.




Founded by Harshil Mathur in 2013, one of the business centric Neo Banks, providing strong and simple business banking alternatives to businesses. RazorPay X is designed to boost Indian enterprises’ banking and finance with a fully digital account, automatic payments and payables, corporate cards, and deep financial insights all in one spot.

Providing services 

-To manage receivables and payables at one place

-Automated payments

-Reporting of cash flow trends

-Instant loans provision


It is one of the most used Neo Banks by small and house grown businesses, essentially during and post Covid.




Founded by Ajeesh Achuthan and Mabel Chacko in 2017, Business centric platform. Open is a well-known digital business banking service used by over 20,00,000 Indian companies. Open, based in Bengaluru, promises to make commercial banking easier. Open business accounts, which were founded in 2017, provide VISA business cards that can be used for banking, payments management, accounting, and more. On December 14, 2021, the company paid $10 million and acquired another Neo banking startup, Finin, which is a customer centric Neo bank.




Founded by Suman Gandham and Sudheer Maram in 2019, it is a consumer- focused Neo Bank. Aims to deliver “a new approach to banking.” The first consumer-facing neobank offers a full app that makes account opening and management simple. Finin, which is powered by the newest Artificial Intelligence technology, also provides customers with sophisticated financial insights. On December 14, 2021, Open announced the acquisition of the company, which would offer value to Open and its SMEs.

They offer-

-Incentives and rewards that are hyper-personalised 

-Interest rates that are competitive and appealing 

-Customer service available 24×7 

-Account and wealth management


The neobank seeks to give people ultimate control over their finances. 

-Provides an option to open an account, in less than 2 minutes.

-All existing accounts can be viewed in one spot. 

-Get AI-powered savings and spending insights. 

-Provides automated notifications and reminders, to save more

-Highly intuitive mobile app ensures a clear, enjoyable, and hassle-free banking experience.




Founded by Anuj Kacker in 2016, is a one-of-a-kind neobank in India, built specifically for the banking needs of millennials. Its goal is to give customers simple, intuitive, totally digital banking services that allow them to manage their finances with convenience and comfort using their phones.


Freo allows clients to build credit health while managing spending and saving for the future, among other things. 

Customers can also access financial items such as-


-Credit line for life (of up to INR 5,00,000, as of date) 


-Credit cards 

-Savings and deposits 

-Option to buy now and pay later 


The neobank is developing a number of new digital banking tools to assist people manage their finances easily and avoid cash shortages.




Founded by Dr. Neeraj Sheth in 2015, with tagline “Your Digital Health Passport”, was founded to help the new generation to focus on their medical needs. Deriving from its name, OCareNeo is India’s first digital health and banking platform. 

OCareNeo guides its consumers through their digital health journey, giving them rapid access to their own and their family’s health as well as financial information. The company offers the unique feature of a Digital QR code that stores the owner’s health history and insurance information, as well as a Digital Card and Digital Piggy Bank for paying medical bills and saving for health. OCareNeo also assists consumers in insuring their health with a choice of safe and simple insurance policies.

They provide services such as- 


-Providing instant access to medical history, e-insurance information, and medical reports. 

-Make savings pools and make its customer ready to handle medical crises. 

-Using OCareNeo card to pay medical bills promptly by connecting it to OCareNeo bank account. 

-With OCareNeo’s Health Score, one may keep track of his physical and mental health, sleep patterns, and daily nutrition. 

-Keep updates on the next health check-up. 


North Loop


Founded by Tahem Veer Verma in 2019, focusing on International and NRI banking facilities. North Loop is renowned as “India’s financial hub.” North Loop, based in San Francisco and launched by Tahem Veer Verma in 2019, is the first of its type to provide digital NRI banking services. The NRI banking startup combines all financial services into a single app. NRI consumers can open accounts with North Loop in as little as 5 minutes and obtain a wide range of banking services with high security.


It provides services –

-To monitor spending and savings. 

-There are no account or ATM fees. 

-No requirement for a minimum balance 

-Credit and loans are available. 

-Up to 8x points can be earned. 

-While global banking, enjoy transparency and fairness. 


Customers can now take advantage of worldwide investment through North Loop’s user-friendly mobile app. Stocks, ETFs, mutual funds, fixed deposits, and cryptocurrency are all good options. Individuals can also create tailored, goal-based programmes to help them save and plan for their future. 


Fi Money


Founded by Sujith Narayanan and Sumit Gwalani in 2019, Fi Money is a neobank delivering safe digital banking services for today’s working professionals, with the tagline “Banking Just Got Smarter”. Fi, founded by the co-founders of GPay, offer sophisticated zero balance savings accounts for consumers so that they can better manage their money. Along with simple savings choices that allow users to earn up to 5.1 percent interest, Fi Money also provides them with an assistant that can answer practically any user question, such as “where did I spend my money? “ or “how can I save more ?”. Fi Money users can also take advantage of secure banking services and enticing rewards.


RJ Neo Bank


Founded by Mr Kedar Pathak, on 10th August 2017, Reijiro Networks’ RJ Neo Bank is a neo bank that aims to bring financial inclusion to rural India’s last mile. In rural Bharat, it is developing a Neo Bank Platform with a network of banking and non-banking financial services kiosks. The RJ Neo Banking platform and Reijiro Reseller Network are intended to supply complete banking services. It improves the efficacy, efficiency, and quality of all financial procedures in corporate banking. Reijiro Networks now has 450 SBI kiosks, 1200 non-banking Reijiro kiosks, Rs. 296 crores in transaction volume, Rs. 23 crores in non-banking transaction volume, and 13 lakhs registered accounts. Reijiro Networks is already working with over 1000 resellers. Reijiro is also working to educate and raise awareness among them about RJ Neo Bank, which will lead to onboarding and expansion.


Services provided by RJ Neo Bank includes-

– Easy Cash withdrawals using Aadhar Card

– Seamless Cash Deposits

– Paperless Money lending

– Simplified Insurances

– E- Toll Collection


In India, neobanking is ushering in a new era of banking. It not only assists individuals and businesses in leveraging smart banking actions, but it also assists them in managing their finances and even growing their money over time. Another factor for the rapid expansion of neobanks in India is the use of new-age technology and the idea of providing tailored and personalised financial services. 

While traditional and challenger banks are attempting to enter the race, neobanks have already passed the halfway point. Their technical systems’ simplicity and modernity, as well as inexpensive or no-cost banking services, higher savings rates, and customised financial solutions, are assisting them in their success. Neobanks are likely to overtake traditional banks as market leaders in the next few years.

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