Freecharge announces neo-banking platform

Payments and recharge platform Freecharge have announced the rollout of its neo-banking platform. The Axis Bank-owned company has revealed that over 18,000 clients have already signed up for the new platform.

Some of the services that its customers will be able to avail include fixed deposits, recurring deposits, buy now, pay later (BNPL) services, digital debit and credit cards, personal loans and more.

Freecharge has been testing its neo-banking platform for some time now. It started offering buy now, pay later (BNPL) services to its clients in the first quarter of the year and is now testing lending services for small businesses.

Clients can also enrol for fixed and recurring deposits on the platform using the Freecharge app. The company has also started offering mutual fund services, allowing users to invest in mutual funds right from the app.

In the future, the company also intends to offer personal loans to its clients.

“We launched BNPL, the first of the (digital) products, in the first quarter. The second one was small-ticket lending for small businesses,” Freecharge chief executive officer Siddharth Mehta said in an interview.