International Finance

Singapore-based fintech Atlantis launches neobank in India

Atlantis India_IFM_Image
The neobank will target the millennials and the Gen Z

Singapore-based fintech company Atlantis has entered India with the launch of its digital or neobank, the media reported.

In the Indian market, Atlantis will target the millennials and the Genz with its neobank.

The banking sector for young consumers is expected to grow by around 80 percent by 2025, and could be valued at over $27 billion.

Vineet Jain, the firm’s COO in India told the media, “With the technology ecosystem evolving fast, young consumers have been looking for a platform that is more than a place where they can park their savings. [We] understand their relationship with money and will help them manage their finances [in a] hassle-free manner.”

During its first three months, the bank is looking to sign up not more than 3,000 users. Its aim is to create a personalised experience for each of its users.

According to the bank, it accepts a new user either through a waitlist or via an invite from an existing member. Reportedly, more than 5,000 customers are on the waitlist.

In June, another Singapore-based fintech startup called Fincy raised $11 million from its parent company GBCI Ventures. GBCI Ventures has injected a massive capital into the fintech. The parent company is a leading smart city solutions provider across industries.

Vanessa Koh, co-founder and CTO of Fincy, told the media, “This venture building investment from GBCI Ventures is a massive vote of confidence for Fincy as a fintech solution that will solve real-world money problem. We look forward to taking Fincy to new heights in Asia and building a strong core team in Singapore.”

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