India, Aug. 22 -- The neobanking industry of India has grown fast in 2025 due to increased smartphone penetration and UPI use, and government-led Digital India initiatives. There have been 10 impressive players such as Freo, Jupiter, Open among others, each serving different customer segments like millennials, SMEs, teenagers, travellers and many more. Through the use of AI, seamless UX, credit and payment solutions, these digital banks are trying to disrupt the market of traditional banks and promote financial inclusion both in rural and urban markets.

1. Freo Freo is the first credit-led neobank in India, which was launched in 2015 by Bala Parthasarathy, Anuj Kacker, and Kunal Varma and has the largest customer base in the country. It ...