Mumbai, 13 June 2023: Fino Payments Bank (“Fino Bank, “The Bank”) today announced that it has joined hands with Sequoia Capital-backed fintech Hubble to introduce India’s first spending account. The tie-up, under Fino 2.0 initiative on building digital assets, strengthens the digital offerings of India’s only listed payments bank to enhance customer experience.
The first-of-its-kind spending account offering from a fintech in India and across the world is specifically designed for GenZ and millennial customers’ growing aspirations and lifestyle changes. Hubble’s spending account provides customers with better value for their lifestyle spending. People can park their funds, spend and save up to 10% on all purchases made from the account. Further, users can track spending across categories of over 50+ brands that Hubble has partnered with and save up to Rs. 20,000 a year.
The spending account is integrated with the Bank’s digital savings account operated through its mobile app FinoPay. In addition to enjoying a seamless shopping experience, users earn an interest rate of 2.75% per annum on the funds parked in the account.
Tejas Maniar, Chief Digital Officer, Fino Payments Bank said, “It is our constant endeavor to provide unmatched user experience (UX) as digital adoption grows. We are creating a digital ecosystem consisting of our own as well as partner offerings. We are confident that our association with Hubble will not only help customers benefit immensely from the innovative offering but also improve engagement levels. We will continue to explore growth opportunities that help us expand our digital presence, increase CASA base, and enhance customer experience.”
It is estimated that today’s youth spend a significant portion, around 25-30%, of their monthly income on categories such as food ordering, shopping, travel, entertainment, etc.
Mayank Bishnoi, Co-founder, Hubble said, “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 spending effectively. Our initiative helps people budget and manage spending across categories and at the same time rewards them. With Fino Bank’s partnership, we are taking another step toward our mission to help every Indian get more value on their money. The security and trust of Fino Bank’s robust digital platform combined with Hubble’s innovative solution will give users on both sides a seamless, easy, and convenient digital spending experience.”
With more than 32% of Fino Bank’s 75 lakh CASA base active on digital platforms, an app-based spend account aptly fits the bill for improved engagement. In FY23 the Bank’s digital throughput contributed 19% to the overall throughput of Rs 2.55 lakh crore and is growing exponentially riding on UPI transactions.
Hubble, on the other hand, has partnered with leading brands such as Amazon, Swiggy, Croma, MakeMyTrip, to provide a rewarding spending experience to its customers. In the last 9 months, ~Rs 20 crores of spending have been facilitated through the Hubble app across its brand partners.