Online recharge and utility bill payments platform, FreeCharge, has partnered with UCO Bank as “alliance partners” to enable efficient recharge and bill payments for their consumers.
FreeCharge, which got acquired by Snapdeal in April this year for an estimated amount of $450 Mn, has tied up with first public sector bank to empower PSUs to adapt digital innovation of online transactions serving all the mundane tasks.
Besides, FreeCharge will now offer additional benefits like cashbacks on every recharge and bill payment via UCO bank.
FreeCharge was founded in 2010 by Kunal Shah and Sandeep Tandon, head of technology conglomerate Tandon Group.
Kunal Shah, CEO and co-founder of Freecharge emphasised that partnership with UCO bank will offer the company’s consumers exciting benefits like cashbacks and easier accessibility from e-payments.
The company had raised $112 Mn in funding from a group of investors including Valiant Capital Management, Tybourne Capital, Sequoia Capital, ru-Net Holdings and Sofina before it got acquired.
FreeCharge has around 27 million registered users making five transactions per month per user on an average. The company claims to witness 161 transactions per second.
Arun Kaul, Chairman and Managing Director of UCO BANK said,
Our Bank will pursue profitable growth through responsible and responsive banking attuned to the demands of the time. Our bank is dedicated to serve young and modern India and this is going to be another step in this direction.
Off late, banks have started tying up with ecommerce companies to transform their business and earn ROI from their large customer base. Earlier in the month, ecommerce marketplace, Snapdeal launched co-branded ecommerce credit card jointly with HDFC Bank and Amazon partnered with SBI to facilitate frictionless payments and ecommerce solutions for customers and small businesses.
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