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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

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

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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

News and Trends

Kolkata-Based Lab-Grown Diamond Brand Jewelbox Secures USD 3.2 Mn

The startup will primarily use the funds to expand its retail footprint, growing from eight stores to 30 locations by the end of this year.

Marketing

5 Ways ChatGPT Will Impact Digital Marketing

ChatGPT is creating ripples across the digital landscape right now. Here are five ways it can benefit your ads, campaigns and marketing strategies.

Science & Technology

The Deepfake Threat is Real. Here Are 3 Ways to Protect Your Business

The rising use of deepfakes is a growing threat to businesses and society as technology advances. Here are three tips for companies to combat this threat.

Science & Technology

How Can Marketers Use ChatGPT? Here Are the Top 11 Uses.

With the recent developments in AI and the popularity of ChatGPT, you may want to integrate AI into your marketing practices. Find out how.

Growing a Business

How to Avoid the Perils of Short-Term Thinking For Long-Term Success

Too often, leaders go with the option that sounds most appealing right now. Here's why that's a mistake.