SIDBI's Maiden Fintech Investment: Freo Secures Strategic Funding for Fintech Expansion

Freo, the burgeoning digital banking platform, has marked a significant milestone with a debt investment from SIDBI, signaling the financial institution's inaugural foray into the fintech sector. The undisclosed investment from SIDBI positions Freo to make substantial strides in India's rapidly growing fintech market, reinforcing its status as a leader in digital banking and a catalyst for financial inclusivity.

This strategic investment arrives at a pivotal juncture as Freo gears up for expansive growth, leveraging the funds to intensify its nationwide presence and cater to the evolving banking needs of millions. SIDBI's commitment to supporting innovative business models aligns seamlessly with Freo's mission to simplify banking processes for a broader demographic in India.

Anuj Kacker, Co-founder of Freo, expressed enthusiasm about the collaboration, stating, "We're extremely excited to initiate this partnership with SIDBI, marking a pivotal moment in Freo's evolution. This collaboration isn't just a significant achievement for us; it symbolizes the beginning of what we anticipate will be a long and fruitful relationship."

SIDBI, a stalwart in driving India's economic growth, traditionally focuses on the MSME sector. However, this landmark investment in Freo underscores the financial institution's recognition of the fintech sector's potential to contribute to widespread financial inclusion and entrepreneurship. It reflects SIDBI's commitment to identifying and nurturing innovative solutions that can significantly impact India's economic development and empower small businesses nationwide.

The Co-founder of Freo emphasized the shared goals and commitment to innovation, anticipating a future of groundbreaking achievements in the fintech ecosystem. SIDBI, known for actively investing in various sectors, including startups and MSMEs, manages several Fund of Funds programs that contribute significantly to fostering entrepreneurship and early-stage investing in the Indian economy.

About Freo: Freo, a leading consumer digital banking platform, sets itself apart in India's financial landscape by addressing the comprehensive financial needs of Indians under the guiding principle of 'pay, save, borrow.' With an expansive reach across over 1200 cities, Freo offers a range of financial products, including credit lines, credit cards, credit-on-UPI through Rupay, and savings solutions. Through strategic partnerships with regulated banks, NBFCs, and financial service providers, Freo provides simple, intuitive, and smart solutions, establishing itself as a unique and trusted player in India's digital banking sector.