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Economic Times

Economic Times

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Digital banking platform Freo raises debt funding from Sidbi

Mwyn Tech, the operator of digital banking platform Freo, has secured debt funding from the Small Industries Development Bank of India (Sidbi). The capital infusion will support Freo's expansion into new product categories and demographics across India. The company offers digital banking services such as savings accounts, personal credit lines, and pay-later options. Sidbi's direct investment in Freo is unique, as the institution typically invests in startups via alternative investment funds. Currently, Freo has 25 million users in over 1,200 cities in India. The exact value of the investment remains undisclosed.

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