How do Neo Banks in India Work?

Neo-Banks in India | Hylobiz

With the rise of Neo Banks in India, the financial industry is reshaping at a rapid pace and impacting the financial makeover of other businesses.

What is Neo Banks?

Neo banks can be considered fintech or financial technology companies providing digital banking facilities. The neobanks are financial institutions that operate digitally over web applications and mobile apps and don’t have any physical presence.

The global neobank market is growing at a CAGR of 47% and there are over 250 neobanks at present in the global market. Recent changes in the financial policies in the Mideast countries have significantly contributed to the growth of neobanks. (

Neo banks in India:

In India, according to RBI norms banks are supposed to have physical branches. So, some top fintech companies have partnered with licensed traditional banks and NBFCs to provide digital banking facilities virtually to individuals and businesses in synergy.

The adoption of digital banking is growing in India and there were around 44 billion digital payments in 2021. (

Some Indian neobanks like Chqbook, Zikzuk, Razorpay, and Hylobiz are strengthening the B2B value chain with their incredible tailor-based support to businesses.

Neo banks in India - Importances:

  • Easy account creation.
  • High customer satisfaction.
  • Digital transactions.
  • Transparent as transactions are digitally tracked.
  • Secured as they are in alliance with licensed financial institutions.

Hylobiz - One of the Top Neo banks in India:

Hylobiz is a fast-growing fintech providing Neobanking facilities to the B2B segment and contributing towards financial inclusion. We are currently operational in India, UAE, and Bahrain. Unlike the traditional banks, Hylobiz in partnership with multiple banks and NBFCs provides tailored financial services to MSMEs and corporates. The platform is integrated with leading ERPs. You can get the best advantage of business automation and financial services on the Hylobiz platform when you integrate your existing ERP and bank account with Hylobiz.

Hylobiz as Neo bank for B2B Businesses- Glimpses on the Offers:

1. The financing feature on Hylobiz offers financial services by partnered financial institutions.

  • Digital Lending.

a] Collateral free loans in partnership with Neogrowth credit Pvt ltd and Bajaj Finserv.

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b] SME credit cards.

c] e-KYC, seamless account creation, and connected banking facilities in alliance with Yes Bank and Kotak Mahindra Bank.

  • Investments.
  • Insurances.

2. Digital payments and collections through multiple modes.

3. Automated reconciliation, quick settlement, and automated reports.

4. Transaction tracking in real-time.

Hylobiz- Other Top Mentions on Features and Benefits:

  • Automated invoice and inventory management
  • In class Einvoicing facility ready (Government GSP- Vayana network)
  • Automated payment and collections
  • Payment links
  • Automated reminders
  • 360-degree support
  • Strong data security. PCI DSS Compliant, ISO 27001 Certified, and from time to time VAPT in accordance with GSTN norms.
  • Lowest setup time of integration.
  • Free sign-up and zero cost of installation.
  • AR, AP, and cash flow tracking in real-time.
  • Business insights through automated reports and a real-time analytical dashboard.
  • Zero-second unscheduled downtime.
  • Quick onboarding.
  • Better tax management and control over audit trails.

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