Neobank Freo's revenue tops Rs 100 Cr in FY24, slashes losses by 64%

MWYN Tech Pvt Ltd, which operates the neobanking startup Freo, saw its total revenue surpass Rs 100 crore in FY24.

The company's revenue from operations reached Rs 99.54 crore in FY24, an 8.67% increase from Rs 91.60 crore in FY23. Total revenue, including other sources, grew 11.68% to Rs 111.46 crore in FY24, up from Rs 99.80 crore in the previous year.

In FY24, Freo reduced its total expenditure by 10.14% to Rs 125.58 crore from Rs 139.75 crore in FY23, which helped the fintech company reduce its net loss by 64.55% to Rs 14.16 crore compared with Rs 39.94 crore in FY23.

MWYN Tech Pvt Ltd is owned and operated by Singapore-headquartered MyCash Fintech Pte, which has yet to file its financial statements for the fiscal year gone by.

In April, Freo reported gross revenue of Rs 350 crore for FY24, a 5X increase over the past five years. In a statement, it said it had been profitable since December 2023, with a growing user base of 25 million across 1,200 Indian cities, and is maintaining a positive contribution margin for three consecutive years.

Earlier in February, the digital banking platform secured an undisclosed debt funding from the Small Industries Development Bank of India, marking the bank's first investment in the fintech sector.

Initially launched as MoneyTap, Freo has transitioned from a credit line service to a full-fledged credit-led neobank. It offers a comprehensive digital banking platform with a wide range of financial services, including digital savings accounts, credit lines, and buy now pay later (BNPL) services.