Top 5 Neo-Bank Startups

Nowadays, Neo-banks have a higher acceptance by people. Neo-bank startups are working in neo-banking to help SMEs,s and organize and manage their financial affairs efficiently.


What are Neo-banks?

Neo-banks are banks that operate online and do not have physical banks; they provide the services that physical banks provide but operate digitally.

The idea of Neo-banks began in 2013 and came to the highlight in 2017; known by the name of challenger bank, they are developing as a part of their parent banks that are physically located.

Neo-banking experience banking online where the entire offering of services is virtual from the initial client, and the registration is like the basic banking options. It is innovative that involves the fintech and financial sectors.

They work through Artificial Intelligence and machine learning to provide personalized and customized financial services to the customer and lower the operating Cost.

Here is the some Neo-banks startup that provides solution to different business Sectors.

Company Name Founder Year and Location
Karbon card Pei-Fu Hsieh, Amit Jangir, Kartik Jain and Sunil Sinha 2019, Bengaluru
Open Anish Achuthan, Mabel Chacko and Ajeesh Achuthan 2017, Bengaluru
Zeta Bhavin Turakhia and Ramki Gaddipati 2015, Bengaluru
Zaggle Raj N Phani and Avinash Godkhini Bengaluru
Hylobiz Vishal Gupta, Lakshmi Temple and Ashish Mahal 2019, Bengaluru

Karbon Card

Karbon card company was founded by Pei-fu Hsieh, Amit Jangir, Kartik Jain and Sunil Sinha in the year 2019 in Bengaluru. It is a fintech company that provides zero-interest corporate credit cards and the VVC connect crowdfunding accelerator to assist startups and entrepreneurs.

It has a credit limit of Rs 5 Cr to the startup with a personal guarantee and without a fixed deposit. It also provides the rewards like the Cost manageable using whatsapp and AWS credits and seamless transactions with the corporate card.

Karbon card has the new way of business banking that you deserve. It has a one-minute account opening, does not charge any fee, and has cash management flexibility.

It has the best-class corporate card, which has the followings features:

  • Cashback up to 1% if you apply all your online and offline expenses.
  • Fast approval of Lighting.
  • Multiple cards you can control.
  • Manageable easily all your spending.
  • You can spend everywhere on digital marketing, e-commerce, travel, restaurants and more.
  • Compliance and Security partners with Mastercard to provide Security to the bank level and efficient transactions.
  • Cashback cards can be immediately approved without any financial proof and can be used on Google, Facebook, amazon and more.
  • Booter card and standard card.


Anish Achuthan founded the open company Mabel Chacko and Ajeesh Achuthan in a 2017 Bengaluru-based neo-banking startup that helps SMEs automate business finance management by integrating banking, collecting, and managing expenses.

To grow their business, the payroll, transfer, reconcile the payment process accounting and gain access.

This has powerful features that make banking and payments easy; the followings are the features:

  • Collect Payment
  • You can easily collect and track the payments anywhere, like through any website and integrate the payments in android and ios SDK and virtual accounts.
  • Send Payouts
  • You cannot waste time adding beneficiaries, transferring in bulk, getting instant refunds and getting payout API to your life.
  • Automate accounting
  • You can categorize your income and expenses and track your account’s payables and receivables. It can generate cashflow statement profit and loss and other reports. This has plugins that are software-like tally.
  • Expense Management
  • You can create multiple cards for different teams and make limits to the virtual cards. It has a subscription payment like AWS or Google Ads.
  • You can scan and upload receipts easily via whatsapp and manage the approval flow.
  • Better Banking
  • Powerful APIs


Bhavin Turakhia and Ramki Gaddipati Bengaluru founded Zeta in 2015 company. It is a full stack cloud-based neo-banking platform used for debit, card and prepaid products that enables the banking and financial institutions to launch modern retail and corporate.

Zeta has turned unicorn and raised $250 million in a serious C round from Softbank vision funds to scale growth in the united states, Europe and India.


Raj N Phani and Avinash Godkhinidi, a Hyderabad-based fintech startup, found Zaggle. It has digitalized solutions for expense management, tax benefits, rewards and recognition program and corporate gifting.

They aim to create the market and innovate the products that have the desire of growing needs and aspirations of corporates and consumers.

The neo-banking startup space for the SME segment and the product was launched under the initiative of the founder’s card, which is a curated credit card for SME owners to take care of their business expenses.


Hyblofiz was founded by Vishal Gupta, Lakshmi Tampi and Ashish Mahal in 2019 in Bengaluru. That connects SME businesses and financial services digitally without having any new options.

It is an Open API banking growth platform that aims to build itself.


In India, neo-banks Startups have changed the way traditional banking works; it has given innovation to save time and manage money well.

Various businesses have a lot of bank activities, and the primary reason is the personalized and customized financial services of the Neo-banks.

It has excellent savings, tailored financial solutions, no-cost banking services, operational ease, and the latest technological advancements.

Frequently Asked Question

  • What are the Neo Banks in India?

Neo banks are digital banks that do not have physical branches and provide financial services through smartphone apps.

  • What is Neo Banking open?

Neo banking platform is the first Asian bank that performs the business banking ease that comes with a VISA business card and blends banking and payment.

  • Which Neo bank acquired Finn?

Google-backed Neo bank opened and acquired Finn on December 14, 2021, in cash.


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