Freo, a consumer neobank, announced that it had onboarded over one million customers across its credit, shopping, and banking offerings.
According to the company, it slightly had more than 300,000 customers in March 2021. Freo boosted its user base by 300% during the next 12 months, reaching the million-customer mark in March 2022.
Freo processed 4.6 million transactions totalling ₹2,800 crores at this time. As a result, the lifetime value of Freo-powered transactions has exceeded ₹8,000 crores.
“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 has been fueled by excellent connections with some of India’s most prominent names in finance, including banks regulated by the Reserve Bank of India and non-banking financial companies (NBFCs).
Freo has constructed an innovative and highly successful product and data engine that leverages machine learning to generate actionable insights across functions, including risk, collections, product, marketing, and operations, with a 100+ robust technology, data and product team.
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 an insights app are part of Freo’s current product lineup.