Fino Payments Bank joins Hubble to introduce spending account

Fino Payments Bank On Tuesday, it said it had partnered with Sequoia Capital-backed Hubble Financial to offer India’s first spending account.

The bank said, in a statement, that customers can stop their money and spend (on categories such as ordering food, shopping, travel, entertainment, etc.) and save up to 10 percent on all purchases made from the account.

Moreover, users can track spending across categories of more than 50 brands that Hubble has partnered with and save up to INR 20,000 annually.

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“The spending account is integrated with the bank’s digital savings account which is operated through the FinoPay mobile application… Users earn an interest rate of 2.75 percent per annum on the funds outstanding in the account,” the bank said.

Mayank Bishnoi, Co-Founder, Hubble said: “With 90 per cent of people’s lifestyle spending happening through their own money using UPI or debit cards, an account is needed to manage expenses effectively. Our initiative helps people budget and manage expenses across categories And at the same time reward them.