Freo

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.

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

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

• Digital banking platform
• Consumer lending services
• UPI payments app
• Financial super app
• Neobank services

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Digital Lending: Revenue from providing credit products to consumers through the platform, including interest income and fees from loan facilitation
2. Financial Services Platform: Multi-product platform generating revenue from UPI payments, insurance distribution, and investment services
3. 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

Core 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

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature3 records

Partnerships

One partnership is on record.

• IndiaLendscoreStrategic or Co-development Partner · 6 May 2026Freo 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

Broad 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

• Xx.com/MoneyTapApp
• LinkedInlinkedin.com/company/moneytap-

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors9 records

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 Freo