← Embedded Finance Index 2026

freee

“Can Japan's leading cloud-accounting platform become the integrated financial OS for Japanese SMBs by layering BaaS deposits, lending, insurance, and payments on top of the ledger?”

Founded2012
HQTokyo, Japan
FoundersDaisuke Sasaki
Total raised$37.5M+ (pre-IPO)
Latest roundIPO (TSE: 4478)
IndustryHorizontal SaaS / Accounting
The story

Founded 2012 as a cloud accounting software for Japanese SMBs — a category-defining product in a market dominated by desktop dual-entry tools. After IPO in 2019, freee pivoted from pure accounting/payroll SaaS into an 'integrated management platform' (統合型経営プラットフォーム) by stacking embedded financial services on top: lending via freee finance lab, BaaS-powered deposit accounts ('フリー支店') via GMO Aozora, insurance brokerage via MS&AD, and invoice-card-payments via GMO-PG and Mizuho. The 2024 financial-services-intermediary license and 2025 MUFG partnership mark its transition into a fintech distribution platform, not just a SaaS.

Last 12 months
2026-01
2026-01
2025-11
2025-11
2025-09
2025-06
2025-01
2026-05
Product timeline
2013
Launched cloud accounting software for Japanese SMBs· launch
2014
Launched cloud payroll software· payroll
2015
Launched company-incorporation product 'Kaisha Setsuritsu freee' and freee API publicly available· launch
2019
IPO on Tokyo Stock Exchange (ticker 4478)· ipo
2019
freee finance lab launched 資金繰り改善ナビ — capital advisory with offer-based lending, invoice financing, freee Card· lending
2021
API connectivity with GMO Aozora Net Bank (reference-type banking API)· banking
2024
Registered as Financial Services Intermediary; partnership with MS&AD (Mitsui Sumitomo Insurance) for freee保険セレクト· insurance
2025
Launched 'freee Branch' deposit accounts via GMO Aozora Net Bank BaaS· banking
2025
MUFG partnership announced — Biz LENDING integration into freee funding· lending
2026
Launched freee振込 (transfers) and freee請求書カード払い (invoice card payments with GMO-PG)· payments
Regulated entities
3
regulatory licences held by freee
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
7 layers disclosed in freee’s embedded-finance stack
Payments / PSP
GMO Payment Gateway (請求書カード払い byGMO)Mizuho Bank M's PayBridge
Banking / BaaS
in the full report
Lending
in the full report
Payroll
in the full report
Open banking
in the full report
Sponsor bank
in the full report
Accounting
in the full report
Accounting gap: none
16 more providers across 6 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.