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Collin Furtado · · 1 min readSources: Tata Digital is building a neobank for its upcoming super app
“Tata Digital is likely to offer financial services – including credit, insurance, and mutual funds – on its soon-to-be-launched ‘super app,'” Economic Times reported, citing sources.
Details:
- The neobank offering will be in partnership with licensed financial institutions, according to the sources.
- Tata Digital has already set up the neobank vertical and is reportedly roping in industry veterans to head it.
Context:
- The news comes after Tata Digital invested US$75 million into ex-Flipkart executives’ health and fitness startup CureFit (now called Cult.fit) earlier this month.
- Last week, the Tata Group digital arm announced the acquisition of e-pharmacy startup 1mg, and it announced at the end of last month that it had also acquired e-grocer BigBasket in order to fuel its super-app ambition.
Editing by Jaclyn Tiu
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