Freo
Credit-led Indian neobank.
- Who holds it
- A sponsor bank behind the brand — not the app you signed up with — In-house RBI-licensed NBFC; savings and accounts via partner banks (Equitas, Yes Bank).
- The ledger
- Split between a program manager and the sponsor bank — the modular setup that broke in Synapse.
- If it fails
- Any claim runs through the sponsor bank, and only works if the two ledgers reconcile.
Derived from Freo’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional |
| AI | AI underwriting in production |
| HQ | Bengaluru, IN |
| Founded | 2015 |
| Custody | Custodial |
| Regulation type | Partner-bank model |
| License detail | In-house RBI-licensed NBFC; savings and accounts via partner banks (Equitas, Yes Bank) |
| Card | MC · Card + savings |
| Cashback | Rewards |
| Yield | Savings |
| Stablecoins | No |
| KYC | Yes |
| Active regions | Asia |
Verified links: official site ↗
Common questions about Freo
What is Freo?
Freo is a fiat neobank, headquartered in Bengaluru, IN and founded in 2015. Your money is held custodially, so Freo or its partner bank holds the balance and you hold a claim on it. It operates on a partner-bank model (In-house RBI-licensed NBFC; savings and accounts via partner banks (Equitas, Yes Bank)).
Does Freo have a card, and where can you use it?
It issues a Mastercard card and savings. It is available in Asia.
Does Freo require KYC?
Yes. Freo requires identity verification (KYC) to open an account, as a partner-bank model.
What does Freo cost?
From the verified fields: cashback Rewards; yield Savings. Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with Freo before relying on them.
Peers
Wise · KakaoBank · WeBank · bKash · Maya · GCash
Freo appears in
Neobanks running on someone else’s banking license (81) · Neobanks available in Asia (132) · Neobanks that issue a Mastercard (150) · Neobanks in India (12)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.