Get All Access for $5/mo

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.
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Growing a Business

Stop the Errors: Set a Review Process That Works

Mistakes make you look unprofessional and hurt your growth. Fix them today.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.

News and Trends

5 Things to Know About India's Chess Pride, Gukesh Dommaraju

He is not only inspired by Dhoni but also relies on a coach from Dhoni's cricketing era to help him prepare mentally.