Consumer neobanking platform Freo is expecting to achieve a milestone of two million customers by the end of the current fiscal, according to a top company executive.
“We currently have about 1.5 million customers and we expect this number to cross 2 million by March 2023,” Anuj Kacker, Co-founder, Freo, told businessline during his recent visit to Chennai.
Started as MoneyTap in 2016, the Bengaluru-based fintech is India’s first credit-led neobank offering mobile-based lending in partnership with banks and NBFC partners (non-banking financial company). Since 2020, Freo added savings, borrowings, and spending products to become a full-stack consumer neobank. Its current portfolio include MoneyTap (app-based personal credit line upto ₹5-lakh), Freo Save (digital savings account in partnership with Equitas Small Finance Bank), Freo Pay (buy now, pay later (BNPL) app and credit card) and Fit.Credit (credit score & spending insights app).
Freo products are currently used by customers in over 16,000 pin codes across 1,200 cities.
Kacker said, since inception Freo has done about ₹10,000 crore of transactions across all product lines. “We are doing ₹2,500-3,000 crore of transactions every year. We expect this to grow at 1.5-2 times year-on-year (y-o-y).”
He also added that the company is aiming to turn profitable by the end of this financial year. Without disclosing the revenue or profit numbers, Kacker said the company expects the revenue to grow by 1.5-2 times on a y-o-ybasis.
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