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Digital Banking Platform Freo Raises Debt Funding From SIDBI

Digital banking platform Freo has secured an undisclosed debt funding from Small Industries Development Bank of India (SIDBI). This marks SIDBI's first debt investment in a fintech business. Freo plans to use the funds to expand into new categories and segments and to accelerate its pan-India reach. SIDBI's investment in Freo reflects its confidence in the potential of the fintech sector to promote financial inclusion and entrepreneurship in India. In 2023, India's fintech industry saw a 63% decline in VC funding, raising only $3 billion compared to the previous year's $8 billion.

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