Nemo: The Neobank for Small Businesses in India

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Traditional bank branches are slowly becoming relics of the past. Artificial intelligence has opened a new realm of cheaper, personalized, and efficient banking services. Moreover, the pandemic has intensified the shift from conventional space to financial technology.

Bestselling author and businessman Brett King even foresaw how FinTech is the future. One of the things he saw trending in the FinTech space is neobanking. In recent years, many neobanks have sprung up all over the world. One of them is Nemo, an Indian neobanking platform that caters mainly to the business needs of SMEs.

Neobank for SMEs

According to the Research and Markets Report‘s findings on India’s adoption of FinTech, it has risen by 87% as of 2020. This adoption is a result of numerous crucial factors, which include various initiatives of the Indian government, the expansion of the internet, and a rise in digital transactions post-pandemic. It’s no wonder that Nemo is one of the platforms that answers the growing need for small businesses to conduct transactions digitally with traditional banks. 

Nemo aims to be an all-in-one solution for all the hardships in managing a business, as it provides the different financial solutions for accounting, taxes, and banking. The banking module offers power payment and bank easy features. The accounting wing raises invoices and coordinates payments. Endless funding option is the paramount aspect as Nemo provides quick credit access through a network of lenders.

Apart from that, it’s important to note that neobanks have to ensure compliance with all the regulatory measures applicable to traditional banks. However, there are many recommendations to the government regarding regulations toward digital lending. So a comprehensive regulation for neobanks can be expected anytime. With that being said, Nemo also provides a platform for operation and compliance. It has compliances facilities like applying DIN, filing charter documents, and acquiring PAN and TAN. Also, it aids in fulfilling taxation requirements like GST. 

Nemo aims to assist small businesses in India in managing financial needs in an all-in-one digital platform and provides insights into the financial health of the business. If you’re a small business owner in India and are looking into neobanking with this platform, you can provide your email address on their website for early access.

Photo credit: The feature image has been taken by Kelly Sikkema.

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Anjaly Joseph
Anjaly Joseph
Tech Journalist
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