The FinTech Catalysts
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Rohith Reji and Tarun Nazare, Co-founders, NeoKred
Neokred was founded in late 2019 and was still in its early stages at the time when Rohith Reji and Tarun Nazare started working on a product with a few other employees. But, in terms of product development, scale hiring and sales, Neokred began hiring in the midst of the pandemic. The company has been growing since the outbreak. Fintech, NBFCs, and corporates are among their clientele. Even during COVID-19, they were able to scale and surpassed INR 150 crore in GMV. On being asked what was the inspiration to start NeoKred, Tarun Nazare, one of the co-founders of NeoKred replied, "Neokred is the idea born out in the vision of democratizing banking in India. India being credited as one of the largest regulated countries in the world in the banking space comes with a lot of rigidity and complexity for customers to have a seamless experience. We wished to make this to the last mile, to break down the legacy of traditional banking which is still followed as how it is followed in the earlier days. By acting as the infrastructure to democratize open banking, we allow fintechs, aggregators, brands to easily have a fintech feature which would complete the vision of Digital India and Banking served to the very last."
The Kisan Card has been one of NeoKred's collaborations with Virenxia that helped to develop a comprehensive solution to provide an exclusive payment card for Indian farmers. It can be used in conjunction with digital payments, lending, and banking in a box along with many other unique and diverse features geared toward rural users. Another offering that NeoKred has made is YPay Card. YPay is a unique proposition targeted towards the student age group of 12 - 18yr old. Its Numberless so no card number is present on the card for security enhancement and even if the card is lost by the student, the card can neither be misplaced nor hacked as the card number & controls are generated via the application.
Neokred being one of the very few entities to be officially recognized by the regulators and banks, the firm has been given a public ovation in the form of Bank Press Release to highlight the impact that they have made in creating an infrastructure of Open Banking. The firm is in partnership with Yes Bank and the bank and Neokred work very closely in crafting new products, and vitalizing the entire infrastructure for brands to go live soon and creating curated products as Yes Bank were one of the early adopters of Open Banking Stack that was provided by NeoKred as they were one of the very few recognized by the bank for their efforts.
The company's flexibility in working has been inspiring as NeoKred looks keenly to become a Neobank in the next three years, so every step they intend to take in terms of client acquisition and sector penetration, will be guided by the fact that they want to be a fully-fledged Neobank in the next three years. Neokred wishes to take this to the last mile, to break down the legacy of traditional banking which is still followed as how it is followed in the earlier days.
Year of inception: 2019
No. of employees: 35
External funding received so far: $1.2 Million
Number of cards issued: 1.5L +