Freo
Freo is a Bengaluru-based neobank offering UPI payments, insurance, investments, and credit products to middle-income Indian consumers through a self-serve mobile app. Following its May 2026 acquisition of credit marketplace IndiaLends, the combined platform serves 50+ million users across 80+ bank and NBFC partners.
- Company typePrivate
- Founded2015
- HeadquartersBangalore, India
- Headcount101–250
- GTM typeB2C
- OfferingSoftware
What Freo does
Freo is a Bengaluru-based digital banking platform founded in 2015 (originally as MoneyTap) that operates a self-serve mobile application consolidating UPI payments, insurance (Freo Insure), investments (Freo Invest), and credit (Freo Borrow) for middle-income Indian consumers. The platform is built on multiple Indian financial regulatory licenses — TPAP authorization for UPI, NBFC registration, and insurance corporate agent status — enabling in-house distribution across payments, credit, and insurance verticals rather than reliance on partner-led product wrappers.
The business generates revenue primarily through transaction fees on digital lending and marketplace commissions from facilitating credit products between consumers and its network of 80+ banking and NBFC partners via the IndiaLends credit marketplace, acquired in May 2026. AI-led workflows and customer analytics are applied to underwriting and personalized product recommendations, though these are supporting rather than foundational capabilities. Reported revenue grew from Rs 78.6 crore in FY21 to Rs 116.8 crore in FY25 while losses compressed from Rs 38.8 crore to Rs 8.8 crore over the same period.
Following the IndiaLends acquisition, the combined entity serves over 50 million users and combines Freo's owned-product licensing stack with IndiaLends' marketplace distribution. The go-to-market is product-led and direct-to-consumer via mobile app, supplemented by the marketplace channel. The company is preparing a significant capital raise to fund post-merger growth.
Freo firmographics
Firmographics- Name
- Freo
- Legal name
- Freo
- Website
- https://freo.money
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Freo is a Bengaluru-based neobank offering UPI payments, insurance, investments, and credit products to middle-income Indian consumers through a self-serve mobile app. Following its May 2026 acquisition of credit marketplace IndiaLends, the combined platform serves 50+ million users across 80+ bank and NBFC partners.
- Ownership category
- akta.pro rank
Freo industry classification
Industry- Product category
- Digital Banking / Neobanking
- NAICS
- Credit Intermediation and Related Activities (522), Depository Credit Intermediation (5221)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE)
- akta.pro secondary industries
- Payment Initiation & Account-to-Account (A2A) Payments (PIS, RTP initiation) (FSAGACAI), A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB), Account Aggregation & Connectivity (Multi-bank linking) (FSAGACAA)
Keywords
Where Freo is headquartered
LocationHeadquarters
- HQ city
- Bangalore
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
Freo business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales
Revenue model
- Digital Lending: Revenue from providing credit products to consumers through the platform, including interest income and fees from loan facilitation
- Financial Services Platform: Multi-product platform generating revenue from UPI payments, insurance distribution, and investment services
- Marketplace Commission: Commission-based revenue from facilitating credit products between consumers and 80+ banking and financial institution partners through the IndiaLends marketplace
Go-to-market motion2 records
Distribution channels2 records
Marketing channels2 records
Freo product offering
Product offeringCore offering
Freo operates a mobile-based digital banking super-app that combines UPI payments, insurance, investments, and credit/lending products into a single consumer-facing application for Indian middle-income users. Following the May 2026 acquisition of IndiaLends, the platform also operates a credit marketplace distributing loan products through 80+ banking and NBFC partners. The combined entity serves over 50 million users across India.
Product overview
Freo is a digital banking platform offering a unified mobile application that combines UPI payments, insurance, investments, and lending/borrowing services (UPI, Insure, Invest, Borrow in One App). The platform operates as a core neobanking product with multiple integrated financial service modules. Following the acquisition of IndiaLends in May 2026, Freo expanded its portfolio to include the IndiaLends credit marketplace brand, which operates independently under the Freo umbrella while contributing its distribution network of 80+ banking and NBFC partners. The combined entity serves over 50 million users across India's digital financial services market.
Differentiator
Problem solved
Functional benefit
Brands
- IndiaLends: Digital credit marketplace partnered with over 80 banks and non-banking finance companies, operating as a separate brand under Freo umbrella
Products and services
- Freo Digital Banking Platform Consumer-facing mobile digital banking super-app providing UPI payments, insurance, investments, and credit/lending products for middle-income Indian consumers, with AI-driven personalization and underwriting.
- IndiaLends Credit Marketplace Digital credit marketplace connecting consumers with credit products from over 80 banks and non-banking finance companies (NBFCs); operates as a separate brand under Freo umbrella and provides marketplace distribution for the combined platform.
Quantifiable outcome
- Revenue growth from Rs 78.6 crore (FY21) to Rs 116.8 crore (FY25)
- +2 more outcomes
Companies that use Freo
Customer profileSegments1 record
Ideal customer profiles1 record
Freo technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability2 records
Feature3 records
Freo partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- IndiaLendscoreFreo acquired 100% ownership of IndiaLends, a digital credit marketplace partnered with over 80 banks and NBFCs. The acquisition brings together Freo's regulatory licenses and financial products with IndiaLends' marketplace capabilities and distribution network, creating a combined platform serving 50+ million users with focus on AI-led workflows and integrated financial products.
Scale indicators4 records
Recent moves5 records
Expansion highlights5 records
Freo competitors and assessment
Company assessmentBroad incumbents
- Paytm (One97 Communications): India's largest listed digital payments and financial services super-app, offering UPI payments, lending, insurance, and investments. Directly comparable to Freo's super-app strategy and target middle-income segment, but at vastly larger scale and with broader product breadth.
- PhonePe: Walmart-backed UPI payments leader in India that has expanded into lending, insurance, and wealth products. Competes head-to-head with Freo on UPI, insurance distribution, and lending, and serves the same Indian consumer base.
- Dhani (IndusInd Bay) / Indiabulls Consumer Finance: Indian digital lending and financial services platform offering credit, insurance, and payments to mass-market consumers. Comparable to Freo on multi-product consumer finance and NBFC positioning, with larger incumbency.
Direct peers
- Jupiter (Zolve): India-focused neobank offering UPI payments, savings accounts, lending, and investments via a single mobile app to middle-income consumers. Closest direct comparable to Freo in terms of product mix, target segment, and digital-only distribution model.
- Fi Money (epiFi Technologies): Indian neobank offering savings accounts, UPI, investments, and credit through a single app targeting salaried and middle-income professionals. Directly comparable to Freo's super-app proposition and customer persona.
- Slice (North Small Finance Bank): India-based digital banking and credit card platform targeting young professionals and middle-income consumers with lending, savings, and UPI offerings. Comparable to Freo on customer segment and product breadth, with similar regulatory positioning after its bank merger.
- Niyo Solutions: Indian neobank offering digital savings accounts, UPI, and lending to salaried employees via employer partnerships. Comparable to Freo on the integrated digital banking model and middle-income segment focus.
- KreditBee: Indian digital lending platform serving middle-income and salaried consumers through a mobile app, with marketplace and co-lending models. Comparable to Freo Borrow and IndiaLends marketplace on credit products and target segment.
- Lendingkart: Indian NBFC focused on digital lending to small businesses and consumers, using data-driven underwriting. Comparable to Freo's NBFC-licensed lending business and AI-driven underwriting approach, though with greater SMB tilt.
Emerging players
- BharatPe: Indian fintech offering UPI payments, merchant lending, and small-business credit, increasingly expanding into consumer-facing financial products. Comparable to Freo on payments and lending infrastructure, with stronger SMB/merchant focus.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Freo social profiles
Digital presenceFreo financial estimates
Financial estimateRevenue estimate
Valuation estimate
Freo leadership team
Management profileNumber of profiles
Freo subsidiaries and ownership
Company hierarchySubsidiaries1 record
Freo funding detail
Funding detailFunding overview
Funding rounds5 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Freo M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Freo
What does Freo do?
Freo operates a mobile-based digital banking super-app that combines UPI payments, insurance, investments, and credit/lending products into a single consumer-facing application for Indian middle-income users. Following the May 2026 acquisition of IndiaLends, the platform also operates a credit marketplace distributing loan products through 80+ banking and NBFC partners. The combined entity serves over 50 million users across India.
Is Freo a public or private company?
Freo is a private company. It is classified as venture growth investor backed and is currently operating.
When was Freo founded?
Freo was founded in 2015. It employs 101 to 250 people.
Where is Freo based?
Freo is headquartered in Bangalore, India, in the Asia region.
How does Freo make money?
Three revenue lines are on record. Digital Lending is the primary driver. The others are financial Services Platform and marketplace Commission.
Who are Freo's main competitors?
Broad incumbents on record are Paytm (One97 Communications), PhonePe and Dhani (IndusInd Bay) / Indiabulls Consumer Finance. Direct peers are Jupiter (Zolve), Fi Money (epiFi Technologies), Slice (North Small Finance Bank), Niyo Solutions, KreditBee and Lendingkart. BharatPe is listed as an emerging player.
Does Freo have an API?
No public API is recorded for Freo.
What industry is Freo in?
Freo's product category is Digital Banking / Neobanking. Its primary akta.pro industry code is FSAGALAE, Embedded Deposit Accounts & Digital Wallet Infrastructure, with a secondary code of FSAGACAI, Payment Initiation & Account-to-Account (A2A) Payments (PIS, RTP initiation). Its NAICS code is 522 and its SIC code is 6199.