Singapore based fintech firm Atlantis launches neo-bank in India

Singapore headquartered fintech solutions provider Atlantis on Monday said it has launched a neo-banking platform to capture a target group of customers in generation Z and millenials in India and South-east Asia.

Atlantis said it also aims to launch a transaction banking and lifestyle business for teenagers.

The company believes that market adoption for its platform can be massive in India, given the population of over 10 million youth working in metros and tier-1 cities across the country, according to a statement.

While millennials, also known as generation Y, are the demographic cohort of the population with birth years in the range between the 1980s and early 1990s, generation Z is the demographic cohort succeeding millennials, born between mid-to-late 1990s and early 2010s. 

The global millennial banking industry is worth $15.7 billion, Atlantis said, adding that the figure is expected to rise by 80% in the next five years. The company said that customer-first intelligent systems and design will drive the future of banking.

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Atlantis said it is looking to sign up not more than 3,000 users in the first three months as it aims to create a personalised user experience. Currently, it accepts a new user either through a waitlist or via an invite from an existing member.

Over 5,000 customers are on the waitlist, the statement added.

"Autonomous-finance is the future of global banking, and to this end, the team at Neo-Bank is building a human-centric technology company focused on driving wealth creation, opportunities and providing economic empowerment for its customers and employees," Atlantis founder Gaurav Sharma said.

Founded in 2019 by Sharma, Atlantis has operating offices in Singapore and Bengaluru.

Fintech applications targeting teenagers and youngsters have been increasingly gaining traction.

In March, Fampay Solutions, a Bengaluru based startup that operates an eponymous three-month-old payments app for teenagers and their families, raised $4.7 million in a seed round from Y Combinator, Venture Highway, Sequoia Capital India and GFC.

Walrus Labs, another payments app targeted at teenagers, raised an undisclosed amount in a seed round of funding from venture capital firm Better Capital in July.