Photo by bruce mars on Unsplash
What is Frollo and how does it work?
Frollo lauds itself as a free personal finance and budget management tool that allows users to securely link all of their financial institutions together, including their bank accounts, investment portfolios, overseas currencies, and even loyalty points.
It launched in Australia in 2020 following the federal government-led Open Banking initiative giving consumers the right to share their banking data in a bid to give them greater control over their financial information.
Since its launch as a consumer app, Frollo has provided a comprehensive personal finance tracking tool, giving users an overview of their overall wealth, including their superannuation.
Source: Frollo
Other key features include:
- Automatic categorisation for transactions
- Setting of savings goals and challenges
- Push notifications and personal insights
- Bank-level security and encryption
- Automatic bill tracking
- Tracking of tax-deductible expenses
- Push notifications and personal insights
- A 'Frollo score' feature which gives users a financial health score between 1 and 1,000
Source: Frollo
Frollo says its primary motivation is to help Australians improve their overall financial wellbeing.
Since the app's inception, it has attracted 145,000 users and is ranked among the most popular budgeting apps in Australia.
See also: The best budgeting and savings apps for Australians in 2025
Challenge yourself to save more
One of Frollo's capabilities is its "take a challenge" feature, where users can set themselves a specific savings challenge and receive in-app savings prompts and notifications to help them achieve it.
For example, they may set a fuel efficiency challenge to help them save on driving their car, or an Uber Eats challenge in a bid to cut down the number of food deliveries they get.
In August 2025, Frollo research found Australians using money management apps are saving an average $330 a month, with account balances increasing 13% and savings growing 21% after just three months of use.
If you're motivated to find a better savings product, the table below features savings accounts with some of the highest interest rates on the market.
"Open Banking gives people the power to choose what to share and who to share it with," Frollo head of product Kris Davant said.
"We're seeing how this sense of control can improve financial planning conversations, particularly when people are just getting started or going through a life event."
Open banking to unlock value and transparency
Frollo remains a leading advocate of Open Banking, first enabled in Australia by Consumer Data Right (CDR) legislation passed by federal parliament in 2019. In fact, Frollo was was one of the ACCC's selected participants in testing how the laws would work in practice.
Each year, Frollo releases a State of Open Banking report, providing a snapshot of the evolving CDR ecosystem. The company is committed to incorporating new app features and services as Open Banking continues to grow.