Digital banking Platform Freo, operated by Mwyn Tech, has achieved remarkable growth and profitability. Freo reported gross revenue of Rs 350 crore in FY24. The company has been profitable for the last four months since December 2023. Let’s delve into the key highlights:
-
Impressive Revenue Growth:
- Freo’s gross revenues have surged 5Xover the past five years, reaching the significant milestone of Rs 350 crore.
- The company’s contribution margins also soared, from 16% in Q4 FY23 to over 40% in Q4 FY24.
- Diversified revenue streams: Fee-based revenue now accounts for over 45% of total revenue, alongside the 55% from interest-bearing products.
-
User Base Expansion:
- Freo’s user base grew from 15 million in FY22 to an impressive 25 million by the end of FY24.
- Approximately 60% of the company’s customers are returning users, with over 20% having multiple products.
- The platform’s pan-India presence spans over 1,200 cities.
-
Technology and Mission:
- Anuj Kacker, co-founder at Freo, emphasized the power of their technology and customer-centric products.
- Freo’s mission is to democratize financial inclusion through its secure, unified one-app ecosystem.
-
Investment and Confidence:
- Freo recently secured an investment from the Small Industries Development Bank of India (SIDBI), marking the government bank’s first investment in the fintech sector.
- Additionally, Freo’s NBFC arm issued its first private placement of non-convertible debentures, which were oversubscribed, highlighting investor confidence in its long-term prospects.
Also Read: Banking Trojans: The Malware Undercover Agents
As Freo continues to break new ground, it remains committed to transforming how India accesses financial services.
Discover more from NewNerve
Subscribe to get the latest posts sent to your email.