FREED

About FREED

FREED offers a debt resolution program that utilizes a self-save model, allowing users to save money in a Special Purpose Account (SPA) while negotiating settlements with creditors. This approach addresses the issue of unmanageable debt by enabling consumers to pay only a fee once they achieve a debt-free status, ultimately facilitating significant savings on their total outstanding obligations.

```xml <problem> Many individuals in India struggle with unmanageable debt from credit cards, personal loans, and BNPL services, often lacking the financial literacy or resources to negotiate effectively with creditors. Existing debt relief options may involve high upfront fees or complex processes, creating barriers for those most in need of assistance. </problem> <solution> FREED offers a debt resolution program designed to alleviate financial stress by enabling users to save funds in a dedicated Special Purpose Account (SPA) while the platform negotiates settlements with creditors on their behalf. The program analyzes a user's debt and financial situation to create a customized savings plan tailored to their budget and goals. FREED leverages a negotiation algorithm to secure debt reductions, aiming to settle debts for less than the original amount owed. Users pay a one-time processing fee and only pay a service fee once a settlement offer is accepted, aligning incentives with successful debt resolution. </solution> <features> - Personalized debt analysis and budgeting to determine program eligibility and affordability. - Creation of a Special Purpose Account (SPA) for users to save funds towards debt settlement. - Negotiation with creditors to reduce outstanding debt amounts. - A dashboard to track progress towards debt relief goals. - Educational resources on debt settlement, budgeting, and financial planning. - Secure data encryption to protect personal and financial information. - Mobile app for convenient access and management of the debt relief process. </features> <target_audience> The primary target audience consists of individuals in India struggling with unsecured debts such as credit card debt, personal loans, and BNPL loans, who are seeking a structured and transparent approach to debt resolution. </target_audience> <revenue_model> FREED generates revenue through a one-time processing fee at the beginning of the program and a service fee, calculated as a percentage of the enrolled debt, which is only charged upon successful debt settlement. </revenue_model> ```

What does FREED do?

FREED offers a debt resolution program that utilizes a self-save model, allowing users to save money in a Special Purpose Account (SPA) while negotiating settlements with creditors. This approach addresses the issue of unmanageable debt by enabling consumers to pay only a fee once they achieve a debt-free status, ultimately facilitating significant savings on their total outstanding obligations.

Where is FREED located?

FREED is based in Gao, India.

When was FREED founded?

FREED was founded in 2020.

How much funding has FREED raised?

FREED has raised $10.2M.

Location
Gao, India
Founded
2020
Funding
$10.2M
Employees
156 employees
Investors
Multiply VenturesScale Venture PartnersSorin InvestmentsTechnium

FREED

10
Relative Traction Score based on online presence metrics compared to companies in the same age group.

Executive Summary

FREED offers a debt resolution program that utilizes a self-save model, allowing users to save money in a Special Purpose Account (SPA) while negotiating settlements with creditors. This approach addresses the issue of unmanageable debt by enabling consumers to pay only a fee once they achieve a debt-free status, ultimately facilitating significant savings on their total outstanding obligations.

freed.care10K+
Founded 2020 – Gao, India

Funding

No specific funding rounds found.

Total Funding

$10.2M

Backed by

Multiply VenturesScale Venture PartnersSorin InvestmentsTechnium

Team (100+)

No team information available.

Company Description

Problem

Many individuals in India struggle with unmanageable debt from credit cards, personal loans, and BNPL services, often lacking the financial literacy or resources to negotiate effectively with creditors. Existing debt relief options may involve high upfront fees or complex processes, creating barriers for those most in need of assistance.

Solution

FREED offers a debt resolution program designed to alleviate financial stress by enabling users to save funds in a dedicated Special Purpose Account (SPA) while the platform negotiates settlements with creditors on their behalf. The program analyzes a user's debt and financial situation to create a customized savings plan tailored to their budget and goals. FREED leverages a negotiation algorithm to secure debt reductions, aiming to settle debts for less than the original amount owed. Users pay a one-time processing fee and only pay a service fee once a settlement offer is accepted, aligning incentives with successful debt resolution.

Features

Personalized debt analysis and budgeting to determine program eligibility and affordability.

Creation of a Special Purpose Account (SPA) for users to save funds towards debt settlement.

Negotiation with creditors to reduce outstanding debt amounts.

A dashboard to track progress towards debt relief goals.

Educational resources on debt settlement, budgeting, and financial planning.

Secure data encryption to protect personal and financial information.

Mobile app for convenient access and management of the debt relief process.

Target Audience

The primary target audience consists of individuals in India struggling with unsecured debts such as credit card debt, personal loans, and BNPL loans, who are seeking a structured and transparent approach to debt resolution.

Revenue Model

FREED generates revenue through a one-time processing fee at the beginning of the program and a service fee, calculated as a percentage of the enrolled debt, which is only charged upon successful debt settlement.

Sources:

1
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