Freepik is now Magnific. The Málaga-based AI creative platform announced the rebrand on April 28, folding its stock library, the Magnific upscaler it acquired in 2024, and an expanding pile of generative tools under a single name.
The bootstrap pitch
The headline numbers came from CEO Joaquín Cuenca Abela in a Fortune interview: $230 million in annual recurring revenue, more than a million paying subscribers, no outside funding. Roughly half of that revenue now comes from AI video, which is the part of the business Cuenca seems most invested in.
The lack of venture capital is the actual story here. Companies competing in AI video are typically burning through nine-figure raises or quietly fundraising while denying they need to. Cuenca says he might raise at some point, but only "if we do it, it's because we want to grow the DNA of the company," which is the kind of thing founders tend to say when they don't actually want to raise.
What Magnific actually is
The product strategy is model-agnostic. Magnific routes users to whichever third-party AI it thinks will do the job best, currently Google's Veo 3.1 and ByteDance's Seeddance 2.0 for video, with its own upscaling, 3D tools, and a 250-million-asset stock library layered on top. That orchestration approach is becoming standard in enterprise AI software, and it's a reasonable bet for a company that can't outspend Big Tech on training runs.
The company site says existing Freepik logins, subscriptions, and API keys keep working at magnific.com, with old endpoints supported for at least six months. Useful detail for anyone with production pipelines that don't appreciate surprises.
The "no-collar" thing
Cuenca is also using the rebrand to push a phrase he has clearly been workshopping. The industrial revolution made blue-collar jobs, the digital revolution made white-collar jobs, and AI, in his telling, is creating a "no-collar economy" of creators who need neither physical labor nor institutional credentials. Whether this catches on or quietly dies is anyone's guess. The company's claim that 72% of new sign-ups identify as beginners is at least a concrete data point in its favor, though that figure is self-reported and worth treating with appropriate skepticism.
Andreessen Horowitz ranked Magnific the top generative AI web platform in Europe by usage in its most recent index. Customers cited in the announcement include BBC, Puma, DeliveryHero, R/GA, and Amazon Prime Video's House of David.
What's next
Cuenca speaks at the EU-Startups Summit in Malta on May 7. The company's Business plan, aimed at smaller teams, has been adding around 150 new accounts per week since its January 2026 launch.
