India’s Fino Bank taps Hubble to launch spending account
Mumbai-based Fino Payments Bank has partnered with Sequoia-backed fintech firm Hubble to introduce what it calls “India’s first” spending account.
Fino Payments Bank taps Hubble to launch spending account
With Hubble’s spending account, Fino Bank will be able to offer customers a space to park their funds, save up to 10% on all purchases made from the account, and allow users to track their spend across categories.
The spending account will be integrated with Fino Bank’s digital savings account, accessible on its mobile app FinoPay. Consumers will also be able to earn an interest rate of 2.75% per annum on the funds held within the spend account.
“With 90% of people’s lifestyle spending happening through their own funds using UPI or debit cards, there is a need for an account to manage spends effectively,” comments Mayank Bishnoi, co-founder of Hubble.
“Our initiative helps people budget and manage spends across categories and at the same time rewards them.”
Tejas Maniar, chief digital officer at Fino Bank, says the partnership will “not only help customers benefit immensely from the innovative offering but also improve engagement levels”.
Founded in 2017, Fino Payments Bank claims a customer base of 7.5 million users and relies on fees and commission-based income from merchant and commercial partnerships. It claims to be India’s only listed payments bank and has been profitable since Q4 2019-2020.
