Finance & Economics

Top Neobanks in India

One of the dominant 2023 fintech trends is the continued adoption of digital banking. Neobanks are at the forefront of online and mobile banking, offering fast, accessible and flexible services at competitive rates.

The Indian fintech market is one of the fastest-growing and largest markets globally. Impressive statistics show that fintech adoption in the country is now about 87%, substantially higher than the world average of 64%.

Over the last few years, the number of neobanking platforms in India has risen consistently. Neobanks do not have any registered physical office and function 100% online or via mobile apps. Neobanks in India are leveraging the growing public demand for digitisation, successfully competing with their legacy counterparts. Here are the most prominent industry players.

Top 5 neobanks in India

Fi Money

Fi is a financial app that features an in-built savings account, Mutual Funds investing, UPI payments, and VISA Debit Card with zero FOREX charges. Besides, the firm has introduced a limited credit card offering with cashback and exclusive reward schemes. The neobank allows customers to connect their other bank accounts and seamlessly track a combined balance & transaction history. In addition, the app offers automation options and budgeting insights. The neobank partners with Federal Bank, so user funds up to ₹5 lakh are covered under the Deposit Insurance and Credit Guarantee Corporation Scheme.


This neobank in India also has a partnership with the Federal Bank. Jupiter offers automated savings pots, real-time spending insights, investing portfolio analyser, wealth growth on Networth, on-demand salary, health insurance, rewards on spending, and the newest feature of same-day international money transfers in 15 currencies.


InstantPay offers full-stack digital banking services for businesses of all sizes. The offering stands apart with a comprehensive suite of tools, including payment collection, mobile POS systems, current accounts, card and voucher issuing, insights, single and bulk payouts, corporate bill management, loans and value-added services. The neobank also has thousands of Digi Kendra physical touchpoints to satisfy its customers’ cash management needs.


Niyo neobank is a good choice for international travelers in India. It offers lounge access, zero forex markup on a currency conversion, and a range of exclusive travel tools such as VAT refund, lounge and ATM locator, currency converter, curated itinerary, instant cash, travel insurance, and online visa – all within the Niyo Global App. Students that study abroad may get their own version of the Niyo Global offering, with a free ISIC card and rewards on domestic spending. As for the savings and wealth management services, Niyo offers up to 5% interest on savings accounts in partnership with SBM & DCB bank and up to 7% interest in collaboration with Equitas. Besides that, the neobank features Niyo Bharat open banking platform for business owners to provide employee salary cards. Finally, Niyo Money is a dedicated investment platform empowered by Robo-advisory. It facilitates investing in Mutual Funds, stocks and goals.


This neobanking platform was created by one of the top 10 fintechs in India – a payment company that provides free e-commerce payment gateway solutions, Razorpay. Initially, the service launched as an API and dashboard ‘smart’ payout platform for vendors. Today, this neobank also helps enterprises restrict business expenses, automate tax revenues, give urgent loans, and manage vendor payments, current accounts, credit cards, capital, forex, and more. Besides, the software is customised for businesses to automate their payroll by scheduling invoices and has integrations with all major accounting platforms.

Benefits of using neobank services in India

The absence of bricks-and-mortar offices is not a single difference between neobanks and legacy banking institutions. With their flexible APIs and no-paperwork systems, neobanks bring tangible benefits to their customers in India.

  • Hyper-personalisation – neobanks can customise their service to the needs of every corporate customer using APIs. They can also personalise credit and wealth management offers based on individual budgeting habits.
  • Innovative features – many neobanking platforms don’t limit their offering to traditional banking services. They partner with retailers and third parties to enrich their mobile apps with value-added services, rewards and integrations.
  • Ultra-competitive prices and terms – not being weighed down by excessive expenses on office maintenance, neobanks cut their fees to the lowest levels possible and remove the account limits typical for legacy institutions.
  • Simplicity – every process from opening an account to investing in a stock market is less challenging with neobanks. Less bureaucracy, banking on the go 24/7, instant transactions and approvals, intuitive UI, and online support makes banking comfortable and accessible.
  • Data-driven insights – neobanks use innovations such as AI to help customers analyse and improve their money habits.
  • Alternative credit approval methods – for many individuals and small businesses, assessing credit based on traditional credit scores is challenging. Neobanks are often more tolerant to risk and use alternative data (e.g. transaction history) to make their loan decisions.


The global banking industry is changing rapidly. In India, like many other countries, access to traditional banking services is often challenging in remote rural areas. That calls for the increased digitisation of banking tools. Top neobanks in India, among the leading fintech players, are driving financial inclusion and overall growth of the country’s financial sector. Besides, they benefit individuals and SMEs by simplifying and improving their money management.

Pay Space

6986 Posts 0 Comments

Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.