Freo Crosses 1 Million Customers; Targets 2 Million By December

In the last 12 months, Freo grew its customer base by 300 per cent to cross the million customer landmark in March 2022

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Freo, the consumer neo-bank, now has more than 1 million customers across its range of credit, shopping and banking products.

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As per the company, in March 2021, it had a customer base of slightly over 300,000 customers. Over the next 12 months, Freo grew that base by 300 per cent to cross the million customer landmark in March 2022. During the period, Freo clocked 4.6 million transactions worth INR 8,000 crore.

"Last year, customers across 85 cities and towns in India could enjoy Freo products. This year, our aim was to multiply that reach exponentially. Today, customers from more than 16,000 pin codes across more than 1200 cities are using Freo products," said Kunal Varma, Freo's CEO and co-founder.

Freo is a consumer neo-bank in India that is designed to serve the banking needs of consumers. Freo's vision is to bring consumers freedom from non-digital platforms and provide simple ways for people to access credit, manage their expenditure and save money through smartphones.

Freo products that serves its customers currently include MoneyTap (an app-based personal credit line), Freo Save (a digital savings account), Freo Pay (a shop now, pay later app) and Fit.Credit (a credit score and insights app).

According to reports, the market size of neo-banks was estimated at nearly $47 billion and it is expected to grow at an annual average rate of 53.4 per cent until 2030, reaching a value of $2.05 trillion that year.