Freo’s Financial Revolution: Freo’s Revenue z FY24, attains profitability
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 F...