Bengaluru-based ERP and accounting platform Refrens has introduced FREYA, an AI-powered accounting agent designed to provide real-time financial insights and decision support for small and medium-sized enterprises (SMEs). This innovation aims to replace traditional delayed reporting cycles with instant, natural language-based access to critical business data, enabling business owners to make CFO-level decisions directly from their mobile devices.
"The traditional approach of waiting days for financial updates is outdated. With FREYA, we are enabling founders and teams to take action in seconds, not days," said Naman Sarawagi, CEO of Refrens.
Refrens plans to integrate FREYA into its sales CRM and make it compatible with third-party platforms, positioning it as a cross-functional AI agent. The platform currently supports over 150,000 businesses across more than 170 countries. With backing from prominent investors including Anupam Mittal (Shaadi.com), Vijay Shekhar Sharma (Paytm), and Kunal Shah (CRED), Refrens is focused on scaling AI-driven tools that enable smarter business operations for SMEs.
The introduction of FREYA reflects a broader trend in the accounting industry, where AI is increasingly being leveraged to enhance efficiency and decision-making. For instance, UK-based software company Sage announced the launch of Sage Copilot, a generative AI-powered assistant designed to help small businesses automate tasks such as invoice generation and debt collection. Similarly, AI startup Basis raised $34 million for its accounting automation agent, aiming to assist accounting firms by automating tasks like transaction entry and data accuracy verification.
These developments highlight the growing importance of AI in transforming accounting practices, offering SMEs tools to streamline operations and make informed decisions swiftly.
