Neobank Freo crosses one million customers; targets 2 million by December

NEW DELHI:Consumer neobank Freo on Wednesday said it has onboarded more than one 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% to cross the million customer landmark in March 2022.

During the period, Freo clocked 4.6 million transactions worth ₹2,800 crore. As a result, the lifetime value of transactions powered by Freo has crossed ₹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,” explained Kunal Varma, Freo’s CEO and co-founder. “Today, customers from more than 16,000 pin codes across 1,200+ cities are using Freo products. This means that Freo’s products are used in over 85% of India’s pin codes.”

“By the end of this year we aim to cross two million customers. We want to help our customers from the first day of their first job to their last working day before they retire,“ Varma added.

Freo’s growth story has been enabled by the strong partnerships it has built with some of the largest names in Indian finance, including the Reserve Bank of India-governed banks and non-banking financial companies (NBFCs).

With a 100+ strong technology, data and product team, Freo has built a smart and highly effective product and data engine that uses machine learning to generate actionable insights across functions like risk, collections, product, marketing, and operations.

Freo's current product lineup includes 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.