[Funding alert] Fintech Platform Freo Secures Debt Capital From Sidbi

The Small Industries Development Bank of India (Sidbi) has provided debt capital to Mwyn Tech, the company that runs the digital banking platform Freo.

The capital will be used by the business to grow into more recent categories and market divisions as well as to reach new regions throughout India, as reported by The Economic Times.

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“The investment from Sidbi bolsters our confidence in our processes and diligence and is a start to a relationship as we look to expand into newer categories and demographics. We look to use the capital for growth and launch newer products such as credit on UPI,” said Anuj Kacker, cofounder, Freo to ET.

Freo Credit provides instant loans, Freo Pay handles daily expenses, Freo Save boosts savings with high interest, and Freo Credit Score helps improve creditworthiness.

At the moment, Freo asserts that it has reached 25 million people with its services in 1,200 cities within India.

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About Freo

Freo, India’s leading digital banking platform, empowers over 2 million users with financial freedom through innovative solutions.