FriMi
FriMi is a mobile-first digital banking platform operated by Nations Trust Bank PLC in Sri Lanka, offering a unified savings, payments, and lifestyle app to individual consumers, salary earners, SMB merchants, and inbound tourists.
- Company typePrivate
- Founded2017
- HeadquartersColombo, Sri Lanka
- Headcount101–250
- GTM typeB2C
- OfferingServices
What FriMi does
FriMi is a mobile-first digital banking brand operated by Nations Trust Bank PLC (NTB), a publicly listed commercial bank on the Colombo Stock Exchange in Sri Lanka. Launched in 2017, FriMi positions itself as Sri Lanka's first fully-fledged digital banking experience, distributing a unified lifestyle app via Google Play, Apple App Store, and Huawei AppGallery that combines a real-time digital savings account, a mobile wallet, and a payment system. The platform is regulated under NTB's banking license, with all FriMi accounts being NTB savings accounts, and the app supports trilingual interfaces (Sinhala, Tamil, English) plus onboarding via mobile number and NIC/Passport verification.
The product portfolio is anchored by a tiered-interest digital savings account (up to 3.75% p.a. on goal-based pots), supplementary savings vehicles (Savings Pots, Bucket List, Round Up, Fixed Deposits), Mastercard-branded physical and virtual debit cards, LANKAQR/UPI/CUP interoperable QR payments, Cash Tokens for non-smartphone recipients, cross-bank transfers and account aggregation via JustPay (LankaPay), bill payments, scheduled payments, a Bill Split feature, Personal Finance Management with budget tracking, and a FriMi Lifestyle marketplace integrating healthcare channeling, BNPL (Helios), gaming, and lottery services. The business segment is served through a separate FriMi Merchant App and My QR for merchant acceptance.
Monetization is primarily transactional and fee-based: 1% on LANKAQR merchant acceptance (1.8% for UPI/CUP), Rs. 25 per cross-bank fund transfer and credit-card bill payment, Rs. 20 per utility bill payment, Rs. 30 per non-NTB ATM withdrawal, plus annual card fees (Rs. 1,000 physical, Rs. 400 virtual), interest income on deposits, and lifestyle/BNPL partner commissions. Distribution is entirely app-based with no proprietary branches, while cash services and verification rely on NTB's ATM, CDM, and branch footprint. The customer base spans individual Sri Lankan consumers (primary), small business merchants, salary earners, and inbound Indian/Chinese tourists paying via UPI/CUP.
FriMi firmographics
Firmographics- Name
- FriMi
- Legal name
- Nations Trust Bank PLC
- Website
- https://frimi.lk
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- FriMi is a mobile-first digital banking platform operated by Nations Trust Bank PLC in Sri Lanka, offering a unified savings, payments, and lifestyle app to individual consumers, salary earners, SMB merchants, and inbound tourists.
- Ownership category
- akta.pro rank
FriMi industry classification
Industry- Product category
- Digital Banking
- NAICS
- Savings Institutions and Other Depository Credit Intermediation (522180), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- State Commercial Banks (6022), Finance Services (6199)
- akta.pro primary industry
- International / Multi-Currency Wallets (FSAMAEAL)
- akta.pro secondary industry
- Custodial Wallets & Hosted Accounts (exchange/fintech custody, omnibus wallets) (FSAPACAC)
Keywords
Where FriMi is headquartered
LocationHeadquarters
- HQ city
- Colombo
- HQ country
- Sri Lanka
- HQ region
- Asia
Offices1 record
Markets served
FriMi business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure
Revenue model
- LANKAQR Merchant Transaction Fees: 1% transaction fee on all LANKAQR payments accepted through FriMi or NTB app. 1.8% for MyQR payments from China Union Pay or UPI enabled apps
- Cross-Bank Fund Transfer Fees: Rs. 25 per fund transfer to other bank accounts
- Credit Card Bill Payment Fees: Rs. 25 per credit card bill payment for other banks
- Physical Debit Card Fees: Annual fee Rs. 1,000 for physical Mastercard debit card. Rs. 1,000 replacement fee
- Virtual Debit Card Fees: Annual fee Rs. 400 for virtual debit card
- ATM Withdrawal Fees: Rs. 30 per withdrawal from other bank ATMs (LankaPay). Rs. 7.50 balance inquiry fee
- Utility Bill Payment Fees: Rs. 20 per utility bill payment (Waterboard, CEB, LECO)
- Salary Saver Non-Remittance Charges: Rs. 250 per month for salary transfers below Rs. 10,000 under FriMi Salary Saver account
- Interest Income on Savings: Tiered interest rates on savings balances. Standard savings: 2% p.a. for balances above LKR 5,000. Savings Pots/Round Up/Bucket List: 2.50%-3.75% p.a. depending on balance tier
- Fixed Deposit Services: Online fixed deposit accounts with terms from 1-60 months. Minimum LKR 50,000 to open FD
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Annual | Core Banking Services - Free |
| Transaction based/ take rate | Pay-as-you-go | Fund Transfers & Card Payments |
| Subscription | Annual | Physical Debit Card |
| Subscription | Annual | Virtual Debit Card |
| Transaction based/ take rate | Pay-as-you-go | ATM Withdrawals |
| Transaction based/ take rate | Pay-as-you-go | LANKAQR Merchant Acceptance |
| Subscription | Monthly | Standard Savings Interest Rates |
| Subscription | Monthly | Savings Pots/Round Up/Bucket List Interest Rates |
| Subscription | Monthly | FriMi Salary Saver |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels12 records
FriMi product offering
Product offeringCore offering
FriMi is a mobile-first digital banking platform by Nations Trust Bank PLC that combines an interest-bearing savings account, mobile wallet, peer-to-peer transfers, QR payments, debit cards, bill payments, and a lifestyle marketplace in a single smartphone app. It targets Sri Lankan consumers and small merchants, offering branchless onboarding via app download, identity verification through a hotline call, and interoperability with national payment systems including LANKAQR, JustPay, UPI, and China Union Pay.
Product overview
FriMi is a unified digital banking lifestyle app by Nations Trust Bank, positioned as Sri Lanka's first fully-fledged digital banking platform. The core offering combines a real-time digital savings account, mobile wallet, and payment system in a single app. The product portfolio includes multiple savings vehicles (Savings Account, Savings Pots, Bucket List, Round Up Savings, Fixed Deposits), payment methods (LANKAQR, My QR, Send Money, Fund Transfer, Cash Tokens, Bill Payments, Bill Split), card products (Physical and Virtual Mastercard Debit Cards), Personal Finance Management tools, and a Lifestyle marketplace for lifestyle services. Business features are available through the FriMi for Business and My QR merchant offerings. The ecosystem integrates with JustPay for cross-bank functionality, and supports international payments via UPI and China Union Pay for tourists.
Differentiator
Problem solved
Functional benefit
Products and services
- FriMi Digital Banking App
- FriMi Savings Account
- FriMi Savings Pot Account
- FriMi Bucket List Savings Account
- FriMi Round Up Savings Account
- FriMi Physical Debit Card
- FriMi Virtual Debit Card
- FriMi Fixed Deposit
- FriMi Salary Saver
- FriMi for Business
- FriMi Send Money
- FriMi Cash Token
- FriMi LANKAQR Payments
- FriMi Bill Payments
- FriMi BNPL via Helios
Quantifiable outcome
- Free instant transfers up to Rs. 1Mn per day to any FriMian using mobile number
- +3 more outcomes
Companies that use FriMi
Customer profileNamed customers14 records
Segments4 records
Ideal customer profiles4 records
FriMi technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature15 records
FriMi partnerships and signals
Strategic signalPartnerships
15 partnerships are on record, tiered core and minor.
- Nations Trust Bank PLCcoreParent bank providing the regulatory license, core banking infrastructure, and brand backing for FriMi digital banking services. All FriMi accounts are NTB savings accounts. ATM network and branch support provided for cash deposits, withdrawals, and account verification.
- MastercardcoreCard network partnership enabling FriMi debit cards (physical and virtual) accepted globally at any merchant accepting Mastercard. Joint promotional campaigns including competitions for Singapore air tickets.
- LANKAQR (Central Bank of Sri Lanka)coreNational QR code standard initiative by CBSL enabling interoperable digital payments across Sri Lankan banks and payment apps. FriMi supports LANKAQR for both consumer payments and merchant acceptance.
- JustPay (LankaPay)coreIntegration allowing FriMi users to link and access their accounts from other Sri Lankan banks within the FriMi app. Enables cross-bank fund transfers and account aggregation.
- PickMeminorRide-hailing service partnership for referral rewards and promotional cashbacks. FriMi Refer & Earn program includes PickMe and PickMe Food as reward redemption options.
- CIMAminorProfessional accounting body partnership. CIMA qualification accepted as eligibility criteria for FriMi Salary Saver account benefits.
- Sri Lanka Telecom (SLT/Mobitel)minorTelecommunications partnership for bill payment integration and promotional campaigns including prepaid connection giveaways.
- Helios (BNPL)minorBuy Now Pay Later service via FriMi Lifestyle section. Users can purchase from merchants like Singer and Citrus hotels with installment payments up to Rs. 200,000.
- Keells SupermarketsminorLANKAQR merchant partner with promotional campaigns including daily prize draws for FriMi QR payments.
- Samsung Sri LankaminorJoint promotional campaigns including bill payment competitions with Samsung device prizes (Galaxy S22 Ultra, Smart TVs) and exclusive offers for FriMi users.
- Lucky1minorLottery service partnership via FriMi Lifestyle section. Promotional competitions with movie tickets and cash prizes for top spenders.
- Live Play / iMi GamesminorGaming partnership for exclusive tournaments via FriMi Lifestyle section. Users can subscribe to games and compete for prizes including hotel vouchers.
- eChannellingminorHealthcare appointment booking via FriMi Lifestyle section. Promotional cashback campaigns for Mother Care, Elder Care, and Personal Therapy packages.
- Daraz Sri LankaminorE-commerce partnership for promotional campaigns including gift card prizes during OGF sale events.
- Little HeartsminorCharity partner for donations via FriMi Billers section. Users can donate to the foundation directly from the app.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
FriMi competitors and assessment
Company assessmentRegional players
- Jenius (Bank SMBC Indonesia): Bank SMBC Indonesia's digital banking app offering savings, payments, and lifestyle features. Similar bank-backed digital banking model in an Asian emerging market, useful for benchmarking.
- TMRW by UOB: United Overseas Bank's digital-first banking brand in Thailand and Southeast Asia. Comparable regional neobank model — mobile-first, lifestyle-integrated digital banking — though focused on Southeast Asian markets rather than Sri Lanka.
Broad incumbents
- GCash: Philippines' leading mobile wallet with savings, payments, lending, and lifestyle super-app features. Comparable digital wallet + payments + savings ecosystem model to FriMi.
- Paytm Payments Bank: Indian payments bank with massive scale offering savings, payments, and merchant acquiring via a super-app. Comparable in product mix (payments + savings + lifestyle) but operates in a much larger market.
Others
- Mastercard Send / Cross-Border Services: Mastercard is both a partner (enabling FriMi debit cards) and an enabling infrastructure provider for digital payments globally. Adjacent relationship: not a direct competitor but a key ecosystem participant whose network underpins FriMi's card and acceptance capabilities.
Direct peers
- Sampath Vishwa: Sampath Bank's digital banking app, a Sri Lankan competitor offering savings accounts, payments, and card services via mobile. Direct overlap with FriMi's target customer and product mix.
- HNB Digital Banking (HNB SLI): Hatton National Bank's mobile banking platform, a directly competing Sri Lankan digital banking app offering savings, QR payments, card management, and bill payments. Most direct domestic competitor to FriMi given comparable target market and feature set.
- Dialog mCash: Dialog Axiata's mobile payment and financial services platform in Sri Lanka, offering mobile money, payments, and merchant acquiring. Directly competes with FriMi in Sri Lanka's digital payments category.
- Wave Money Sri Lanka: Mobile money platform operating in Sri Lanka focused on P2P transfers, payments, and merchant acquiring. Directly comparable to FriMi's wallet and payment functionality.
- Commercial Bank of Ceylon Digital Banking: Commercial Bank's mobile banking platform offering similar core banking, card, savings, and LANKAQR payment features to Sri Lankan consumers. Directly competes with FriMi for primary banking relationships.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
FriMi social profiles
Digital presenceFriMi financial estimates
Financial estimateRevenue estimate
Valuation estimate
FriMi leadership team
Management profileNumber of profiles
FriMi funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
FriMi M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about FriMi
What does FriMi do?
FriMi is a mobile-first digital banking platform by Nations Trust Bank PLC that combines an interest-bearing savings account, mobile wallet, peer-to-peer transfers, QR payments, debit cards, bill payments, and a lifestyle marketplace in a single smartphone app. It targets Sri Lankan consumers and small merchants, offering branchless onboarding via app download, identity verification through a hotline call, and interoperability with national payment systems including LANKAQR, JustPay, UPI, and China Union Pay.
Is FriMi a public or private company?
FriMi is a private company. It is classified as corporate owned and is currently operating.
When was FriMi founded?
FriMi was founded in 2017. It employs 101 to 250 people.
Where is FriMi based?
FriMi is headquartered in Colombo, Sri Lanka, in the Asia region.
How does FriMi make money?
Ten revenue lines are on record. LANKAQR Merchant Transaction Fees are the primary driver. The others are cross-Bank Fund Transfer Fees, credit Card Bill Payment Fees, physical Debit Card Fees, virtual Debit Card Fees, ATM Withdrawal Fees, utility Bill Payment Fees, salary Saver Non-Remittance Charges, interest Income on Savings and fixed Deposit Services.
Who are FriMi's main competitors?
Regional players on record are Jenius (Bank SMBC Indonesia) and TMRW by UOB. Broad incumbents are GCash and Paytm Payments Bank. Mastercard Send / Cross-Border Services is listed as an others. Direct peers are Sampath Vishwa, HNB Digital Banking (HNB SLI), Dialog mCash, Wave Money Sri Lanka and Commercial Bank of Ceylon Digital Banking.
Does FriMi have an API?
No public API is recorded for FriMi.
What industry is FriMi in?
FriMi's product category is Digital Banking. Its primary akta.pro industry code is FSAMAEAL, International / Multi-Currency Wallets, with a secondary code of FSAPACAC, Custodial Wallets & Hosted Accounts (exchange/fintech custody, omnibus wallets). Its NAICS code is 522180 and its SIC code is 6022.