11 Jun

[Banking] New Indian challenger Payzello

New Indian challenger Payzello launches

Payzello is a new challenger bank in India, focusing on the retail market that offers a wide variety of products, with a specific focus on personal finance management.

In its list of offerings, the firm includes a single card for both debit and credit, app-based loans, money transfer and request, end to end expense management, Bharat QR, three minutes’ account opening, among others – and all this with zero paperwork.

A chatbot is included in the app, called Ello. It was made for conversations regarding users’ finances and provides suggestions.

Currently, Payzello is not a bank, although it has partnered with multiple banks to provide users with financial solutions. However, Payzello does have ambitions to apply for a banking licence. Its banking partners are Laxmi Vilas Bank and Yes Bank.

Payzello applies an ‘extremely flat hierarchy’ throughout the decision making, as it believes in empowering its people.

The firm is based in Hyderabad, Telangana. The company’s CTO is Udit Prasad Mishra, who had previously founded Instafund Internet, a fintech; and a developer at Zeta Interactive – according to its LinkedIn profile. Payzello is available both in Android and iOS

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