SUMMARY
- MWYN Tech Pvt Ltd, the company behind the neobank Freo, saw its revenue from operations climb to Rs 99.54 crore in FY24.
- Freo managed to cut its total spending by 10.14% to Rs 125.58 crore from Rs 139.75 crore in FY23.
- Its net loss reduced by 64.55%, from Rs 39.94 crore in FY23 to Rs 14.16 crore in FY24.
MWYN Tech Pvt Ltd, the company behind the neobank Freo, saw its revenue from operations climb to Rs 99.54 crore in FY24, marking an 8.67% rise from Rs 91.60 crore in FY23. Additionally, its total income, which also includes other income streams, grew by 11.68% YoY to Rs 111.46 crore in FY24, an increase from the Rs 99.80 crore seen in the year before.
During FY24, Freo managed to cut its total spending by 10.14% to Rs 125.58 crore from Rs 139.75 crore in FY23. This reduction in spending contributed to the fintech’s ability to lower its net loss by 64.55%, from Rs 39.94 crore in FY23 to Rs 14.16 crore in FY24.
MWYN Tech Pvt Ltd is owned by Singapore-based MyCash Fintech Pte, which is yet to submit its financial reports for the latest fiscal year. In April, Freo announced gross revenue of Rs 350 crore for FY24, a significant increase of 5 times over the last five years.
In a press release, the company highlighted its profitability since December 2023, having a growing user base of 25 million across 1,200 cities in India and a consistent positive contribution margin over three years.
In February, Freo secured an undisclosed loan from the Small Industries Development Bank of India, marking the bank’s maiden investment in the fintech sector.
Originally known as MoneyTap, Freo has evolved from a service offering credit lines to becoming a full-fledged neobank. It provides a wide range of digital banking services, including digital savings accounts, credit lines, and buy now pay later (BNPL) services.
