Frollo

What Frollo does

Frollo is an Australian Open Banking platform regulated by the ACCC as an Accredited Data Recipient under the Consumer Data Right (CDR) framework. Founded in 2015 in North Sydney, the company built the core CDR Gateway infrastructure that manages consumer consent flows, data collection, and disclosure of banking data, and was the first fintech to go live with Open Banking in Australia in 2020. It operates three consumer- and business-facing products: Frollo for You, a free consumer money management app with 140,000–145,000+ users; Frollo for Brokers, a free portal for MFAA/FBAA-accredited mortgage brokers introduced in 2025; and Frollo for Business, an enterprise-grade platform serving banks, lenders, and wealth providers with CDR data collection, Financial Passport generation, AI-powered transaction categorisation, and an Income Scoring feature. White-label deployments include Beyond Bank+, mymo by P&N Bank, MyBOQ, and ME Go.

The company functions as the Open Banking infrastructure layer within the NextGen group, having been acquired by NextGen in 2020. Its technology integrates with ApplyOnline, used by major lenders including CBA, Westpac Group, and NAB, and with broker aggregator CRMs (Connective Mercury Nexus, Finsure, Mortgage Choice, AMP Advice), distributing the platform across thousands of Australian brokers. AI capabilities centre on transaction categorisation across 111 lenders, personalised financial insights, and the Income Scoring engine that assesses employment stability for lending decisions. Frollo is ISO 27001 and SOC 2 Type 2 certified.

Monetisation is concentrated in B2B SaaS licensing and data-enrichment services to banks, lenders, brokers, and wealth providers, supplemented by consumer and broker channels that are freemium and serve primarily as adoption funnels. Pricing for enterprise customers is undisclosed and sales-led, while consumer and broker products are offered at no cost. Frollo claims industry-leading reliability (99.5% data connection reliability vs 78% for screen scraping) and 3x more data points per connection, positioning the platform as superior-quality open finance infrastructure for the Australian lending and advice ecosystem.

Name

Frollo

Legal name

Frollo Australia Pty Ltd

Website

https://frollo.com.au

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Frollo is an Australian Open Banking infrastructure provider and ACCC-accredited Data Recipient, offering a CDR Gateway, Financial Passport, and AI-powered lending insights to banks, mortgage brokers, wealth advisers, and consumers under the NextGen group.

Ownership category

akta.pro rank

Product category

Open Banking Platform

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (51821)

SIC

Services-Prepackaged Software (7372)

akta.pro primary industry

Budgeting & Cash-Flow Management (FSAGADAA)

akta.pro secondary industry

Digital/Robo Financial Planning (FSAEAAAK)

Keywords

• Open banking platform
• Consumer data right
• Financial data aggregation
• Mortgage broker tools
• Personal finance management

Headquarters

HQ city

North Sydney

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Enterprise/B2B SaaS Licensing: Frollo for Business provides enterprise-grade Open Banking platform to Australian banks, non-bank lenders, and wealth service providers. Revenue likely generated through licensing fees, API usage fees, or subscription model for institutional clients.
2. Broker Platform Services: Frollo for Brokers is provided free to MFAA and FBAA accredited brokers. Revenue model may involve value-added services, data analytics, or indirect revenue through broker network partnerships.
3. Consumer App (Frollo for You): Free consumer money management app with no advertising. App is used to drive Open Banking adoption and build consumer base for ecosystem value.
4. Data Enrichment and Analytics: Transaction data categorisation, enrichment, and analysis services supporting responsible lending, credit advice, financial advice, and lending decisions for business customers.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels9 records

Core offering

Frollo is an Open Banking platform operating under Australia's Consumer Data Right (CDR) framework. It delivers three core offerings: Frollo for You (a free consumer money management mobile app), Frollo for Brokers (a free online portal for mortgage brokers to receive verified client financial data), and Frollo for Business (an enterprise-grade Open Banking platform for banks, lenders, and wealth providers). Underlying infrastructure includes the CDR Gateway for consent and data management and the Financial Passport product for verified financial summaries used in loan applications.

Product overview

Frollo offers a multi-product Open Banking platform architecture built around three core consumer and business-facing products. Frollo for You is a free personal finance management app for consumers, providing budgeting, goal tracking, and AI-powered insights. Frollo for Brokers is a free portal enabling mortgage brokers to access verified client financial data via CDR. Frollo for Business serves enterprise clients (banks, lenders, wealth providers) with CDR data collection infrastructure and white-label capabilities. These products share underlying infrastructure including the CDR Gateway for consent management and Financial Passport for verified financial summaries. The platform is regulated by the ACCC as an Accredited Data Recipient and powers Open Banking integrations across major Australian lenders, broker aggregators (Connective, Finsure, Mortgage Choice), and is part of the NextGen group with 30+ years of lending technology experience.

Differentiator

Problem solved

Functional benefit

Brands

• Frollo for You: Personal finance management app for consumers to manage budgets and financial goals
• Frollo for Brokers
• Frollo for Business
• Financial Passport
• CDR Gateway

Quantifiable outcome

• Verification time reduced from 2 hours to 15 minutes for income and living expense verification
• +5 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability5 records

Feature5 records

Partnerships

Eleven partnerships are on record, tiered core.

• ConnectivecoreChannel Partner/ Reseller/ Distributor · 1 June 2025Connective, one of Australia's largest mortgage broking networks with over 4,000 brokers, integrated Frollo's Open Banking into their Mercury Nexus CRM platform. This enables brokers to obtain consent, pull insights, account summaries, and transactions directly into the CRM.
• Mortgage ChoicecoreChannel Partner/ Reseller/ Distributor · 1 January 2025Mortgage Choice integrated NextGen's Frollo Financial Passport into their proprietary Broker Platform. The integration enables brokers to save up to 90 minutes per deal by directly importing customers' financial data.
• Westpac GroupcoreTechnology or Integration · 1 January 2024Westpac Group (including Westpac, St George, Bank of Melbourne, Bank SA) went live with Open Banking via NextGen, integrating with ApplyOnline for streamlined broker workflows.
• AMP AdvicecoreTechnology or Integration · 1 January 2023AMP Advice launched Open Banking powered 'Money Management Service' for advisers and brokers in the AMP Advice network. Frollo's technology streamlines the advice process.
• Commonwealth Bank (CBA)coreTechnology or Integration · 1 January 2023CBA integrated Open Banking via NextGen's ApplyOnline platform, enabling streamlined loan applications using Open Banking data.
• Beyond BankcoreTechnology or Integration · 1 January 2022Beyond Bank became the first bank to launch a Personal Financial Management app using Open Banking data. The Beyond Bank+ app provides customers with a full view of their finances including accounts at other institutions.
• P&N BankcoreTechnology or Integration · 1 January 2022P&N Bank launched mymo app, a Personal Financial Empowerment tool using Open Banking. Features include multi-banking, categorised transactions, budgeting tools, and personalised dashboards.
• NABcoreTechnology or Integration · 1 January 2022NAB went live with Open Banking via NextGen, enabling Open Banking capabilities for broker and customer workflows.
• NextGencoreOthers · 1 January 2020NextGen acquired Frollo in 2020, bringing Frollo into the NextGen family. NextGen is Australia's leading provider of lending technology with over 30+ years of industry experience. Frollo operates as a subsidiary of NextGen, leveraging their established relationships with banks, lenders, and broker aggregators.
• FinsurecoreChannel Partner/ Reseller/ Distributor · 1 January 2020Finsure was the first broker group to go live with NextGen's Open Banking powered Financial Passport. Finsure is using Open Banking to deliver innovative broker services and faster customer decisions.
• Virgin Money AustraliacoreTechnology or Integration · 1 January 2019Virgin Money Australia partnered with Frollo to provide customers with actionable insights on spending and savings habits, helping them take control of financial wellbeing.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Moneysoft: Australian personal financial management and budgeting platform used by financial advisers and consumers — comparable to Frollo's PFM and financial-wellness positioning within the Australian market.
• MX Technologies: US-based open finance platform offering data connectivity, financial insights, and PFM experiences to banks, credit unions, and fintechs — closely comparable to Frollo's full-stack B2B platform across data, insights, and money management.
• Basiq: Australian Open Banking data platform and CDR-accredited data recipient offering consumer consent, data aggregation, and enrichment APIs to lenders, brokers, and fintechs — directly competing with Frollo's CDR Gateway and Financial Passport capabilities.
• Plaid: Global open banking/data aggregation platform connecting consumer bank accounts to apps and lenders — operates as the dominant US/UK equivalent of what Frollo is building for Australia's CDR regime.
• Buddy: Australian fintech offering consumer banking, payments, and money management with CDR-enabled account aggregation — competes with Frollo for consumer PFM share and white-label bank partnerships.
• Yodlee: Long-standing financial data aggregation and enrichment platform used by banks and fintechs globally; Frollo already partners with Yodlee as a fallback aggregator, but Yodlee is also a direct competitor in the data aggregation layer.

Broad incumbents

• Credit Karma: Global consumer financial wellness platform (owned by Intuit) offering credit monitoring, PFM, and product recommendations — comparable end-user money management proposition, though not a CDR-specific infrastructure provider.

Regional players

• Tink (Visa): European open banking platform (now owned by Visa) providing account aggregation, PFM, and payment initiation — comparable infrastructure offering, but operating in Europe rather than the Australian CDR ecosystem.
• TrueLayer: UK and European open banking platform providing account connectivity and payment APIs to fintechs and lenders — comparable technology stack and business model, but operating outside Australia's CDR regime.
• DataAction: Australian technology provider for brokers and lenders with workflow, CRM, and data tools — overlaps with Frollo's broker distribution and lender data integration use cases.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/frollo
• Xx.com/frolloapp

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Frollo