Payzello Plans to Launch NeoBank & RuPay Prepaid card next month

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Payzello Plans to Launch NeoBank & RuPay Prepaid card next month:

Payzello is getting ready to say hello to the Indian banking scene with its launch next month.

The Hyderabad-based neobank is targeting the millennial market. It’s a sector that has attracted a lot of interest from many other companies. The millennial population in India is estimated to be around 426 million, which is about 34% of the nation’s total population.

The start-up intends to offer a single card for both debit and credit; an app-based credit to money transfer and request mechanism; and savings and expense management.

Pruthiraj Rath, CEO of Payzello, says the last 12 months have “been tough for us” in terms of closing its partnership, completion of development and testing of its beta product, and undisclosed funding.

The bank was officially founded in 2017 and says it has “an extremely flat hierarchy”. Which is possibly unprecedented in India. It also has two staff listed on LinkedIn.

It is mobile only for now but intends to offer online banking later.

While it is a challenger, Payzello says it is “not a bank”. It has partnered with various unnamed banks to provide its solution. The firm adds: “Yes, we hope to be a bank someday.”

Along with that single card mentioned above, its website explains that it plans to unveil a forex card soon.

Its site also includes a personal financial assistant (called Ello) for guidance and money management. However, a brief test of this function shows that this is “still in its early stages”.