Dmytro Dubilet’s Fintech Farm, a company specializing in launching neobanks, has entered the Indian market with Roarbank. The company announced this on its LinkedIn.
The post notes that over 100,000 customers have registered with Roarbank in a matter of days.
“Our team has been working hard to launch Roarbank, a credit neobank in India, together with our great partner, Unity Small Finance Bank,” Fintech Farm said. “We have now started onboarding our first customers in a closed beta test. There are still some small bugs to iron out, but overall everything looks great. Initial customer feedback has been very positive.”
Customers can avail a credit limit of up to INR 1.5 lakh, get up to 62 days of interest-free usage, get up to 20% cashback every month on selected purchase categories and earn up to 7.5% annual interest on savings account balances.
The company added that after the product launch, it has “ambitious plans to create even more amazing products and services for our Indian customers.”
Fintech Farm, which launched in 2020, works with mid-sized banks in emerging markets that want to build non-banking applications but lack the digital know-how. Dubilet says the startup is different from other players in the banking market because it focuses on providing operational support, rather than regulatory or infrastructure services.
