Finin launches as neobank in India in partnership with SBM
Finin, a fintech company, has launched itself as a ‘neobank’, in partnership with SBM Bank, a wholly-owned subsidiary of State Bank of Mauritius in India, focussing on saving rather than lending.
Finin said it will provide features such as detailed break-up of user spending and send prompts if they exceed pre-set limits and automatic sweeps of money into liquid funds. The bank will target white-collar workers and freelancers and has waiting list of 15,000 people before launch. It aims to open 50,000 accounts in six months.