Indian Neobank Freo, Equitas Small Finance Bank Debut Digital Savings App FreoSave

Neobank Freo has rolled out a digital savings account, a report from Economic Times of India said Tuesday (June 21).

Called FreoSave, the new service will offer quick access to credit and shopping.

This will be done in partnership with Equitas Small Finance Bank. The partnership will give up to 7% interest on customers’ savings, for accounts with balances from half a million rupees ($6,400) up to 20 million rupees ($256,000).

Anuj Kacker, Freo co-founder, is quoted in the report as saying this partnership and launch is important for Freo’s vision as a way to offer end-to-end financial support.

FreoSave will also be debuting other services eventually, including a multitier banking experience for both premium and regular customers, along with age-specific demographics, the report said.

And there’s a virtual and physical card that can be accessed through the app, the report added.

There will also be a feature called “Boxes,” which will let customers access higher rewards and returns as they accomplish goals.

The report noted that FreoPay, a QR-code-enabled service for pay-later needs, will be coming out, too, along with a personal credit line app called MoneyTap.

India has been a ripe field of new banking startups, including Stashfin, a digital banking platform that recently nailed down $270 million in a Series C funding round.

The company’s value is now between $700 million and $800 million.

See also: Stashfin Secures $270M to Expand in Southeast, South Asia

The company was founded in 2016 as a virtual lending platform, giving a virtual credit facility for Indian consumers.

The company’s goal is to help fix the widening credit gap in India, helping to strive for financial inclusion and help the underbanked build up their credit.

The company’s Stashfin Credit Line Cards offer virtual and physical cards with rewards and free ATM withdrawals.

The loans range from 1,000 rupees ($13) to 500,000 rupees ($6,400) with repayment periods from three months to three years.