Freo Crosses 1 Million Customers; Aims for 2 Million by Dec'22

22 Apr 2022 , 02:20 PM

Business Wire India

Freo Neobank Crosses 1 Million Customers

Freo, the consumer neobank, now has more than One Million customers across its range of credit, shopping, and banking products.
 
“The 300% plus growth in customers that we’ve seen over the last 12 months has been incredible,” said Kunal Varma, Freo’s CEO & Co-Founder, “We owe it to our single-minded focus on fantastic customer experience and products powered by razor-sharp customer insights.”
 
Freo has seen a sharp growth in terms of customer growth. In March 2021, Freo had a customer base of slightly over 300,000 customers. Over the next twelve months, Freo grew that base by 300% to cross the million customer landmark in March 2022. In the same span, Freo clocked 4.6 million transactions worth Rs. 2,800 crores. On account of this, the lifetime value of transactions powered by Freo has crossed Rs. 8,000 crores. Freo achieved this by not only adding more depth to its products but also by expanding its reach across the country.
 
“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 Varma, “We looked at what we could reasonably achieve and decided to go after the unreasonable instead. Today, customers from more than 16,000 pin codes across 1200+ cities are using Freo products. This means that Freo’s products are used in over 85% of India’s pin codes.”
 
Freo’s growth story has been enabled by the strong partnerships it has built with some of the largest names in Indian finance including RBI-governed banks and NBFCs.
 
At its heart, Freo remains a technology company and therefore its focus has been on utilizing technology to deliver the best experiences and the most powerful products to its customers. 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 products that customers currently enjoy 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.
 
Across its product portfolio, Freo’s vision remains consistent – be relevant throughout a customer’s life so that whatever financial needs they may have, they can turn to Freo for a solution. “There’s no denying that we are ambitious,” added Varma, “By the end of this year we aim to cross 2 million customers. We want to help our customers from the first day of their first job to their last working day before they retire.”About Freo 

Freo is a leading consumer neobank in India that is designed to serve the banking needs of millennials. For many of its offerings, the company has partnered with banks and financial partners to bring new solutions to its consumers. It is one of the fastest-growing consumer neobanks today, with a highly capital efficient operation and robust business model. Freo’s vision is to bring consumers freedom from non-digital and painful experiences and provide simple, intuitive, and smart ways for people to access credit, manage their spends and save money through their smartphones.