The new name unifies what was previously fragmented across Freepik (stock assets), Magnific (AI upscaling), and several other products. One million paying subscribers. 250 enterprise customers, including BBC, Puma, and Amazon Prime Video. CEO Joaquín Cuenca has never taken outside investment. The company is profitable.
Freepik, the Málaga-founded AI creative platform, announced on Tuesday that it is rebranding as Magnific, unifying its full product stack under a single name for the first time.
The rebrand is not cosmetic. It reflects the consolidation of what had been, from the outside, a confusing portfolio: Freepik as a stock asset library, Magnific as an AI image upscaler acquired in May 2024, and several other AI tools operating under separate brands.
The numbers behind the rebrand are striking for a company that has never raised outside investment. Fortune confirmed that Magnific has reached $230 million in annualised recurring revenue.
The company has more than one million paying subscribers, more than 250 enterprise customers, including the BBC, Puma, Carl’s Jr, DeliveryHero, Huel, R/GA, Damm, Job&Talent, and Amazon Prime Video’s series House of David, and more than four million images generated per day. Andreessen Horowitz has named Magnific the top generative AI web company in Europe by users, placing it ahead of well-capitalised American competitors across a ranking based on actual platform usage.
Cuenca built this on zero venture capital. When Fortune asked whether he would raise in the future, he said: “If we do it, it’s because we want to grow the DNA of the company”, not because of financial necessity.
Freepik was founded in 2010 in Málaga by Cuenca and his brother Alejandro. Cuenca had previously co-founded Panoramio, a geotagged photo-sharing platform that Google acquired in 2007, his first exit.
Freepik began as an internal tool to find quality graphic resources and grew into a global stock asset platform used in more than 200 countries. The pivot to generative AI began in earnest with the acquisition of Magnific in May 2024.
Magnific was itself founded in Murcia, Spain, by Javi López and Emilio Nicolás; it had gone viral within days of its launch, signing up more than 30,000 users within 24 hours and reaching 725,000 registered users without paid advertising. Both founders remain with the company following the acquisition.
The unified Magnific platform now covers the full creative stack: AI image and video generation (including 4K with audio); its original AI upscaling and enhancement technology; a real-time collaborative workspace; exclusive 3D and virtual scene tools; an AI assistant; an Academy for team training; and the original library of 250 million-plus creative assets. Critically, Magnific is model-agnostic: it lets users select from third-party video AI models including Google’s Veo 3.1 and ByteDance’s Seeddance 2.0, and combines them with its own tools.
That orchestration layer, letting enterprises pick the best model for each task rather than being locked to a single provider, is the same architecture that has driven adoption of multi-model AI platforms in enterprise software generally.
The “no-collar economy” framing that Cuenca uses to describe the platform’s societal positioning is the most ambitious version of the rebrand’s implications. His argument, made to Fortune and in the official rebrand announcement, is that the industrial revolution created blue-collar jobs and the digital revolution created white-collar jobs, and that AI is now creating a new class of creative work that requires neither physical labour nor institutional professional credentials.
72 per cent of new creators joining the platform identify as beginners. The Business plan launched for smaller teams in January 2026 surpassed 2,000 subscriptions in six weeks and is growing at 150 new teams per week.
Cuenca has said: “In the future we will make movies in the same way we write books, one person with a vision and the tools to execute it.”
That is a bold prediction but not an entirely implausible one, and it is exactly the kind of market framing that attracts enterprise attention.
The competitive context matters. Magnific is competing directly with Midjourney, Runway, Leonardo, Adobe Firefly, and a range of well-capitalised US AI creative platforms, without any of them offering the same integrated end-to-end creative stack, according to the company’s own positioning.
Magnific’s advantage is not a superior model, it uses the same frontier models as its competitors, but a unified workflow platform that reduces the friction of combining multiple AI tools in production.
Its bootstrapped, profitable status means it has survived and grown through the entire AI investment boom without becoming dependent on the capital cycle that has constrained many of its VC-backed competitors.
The rebrand to Magnific is the moment the company chooses to present that full platform picture publicly for the first time, and to compete for enterprise AI creative budgets under a single brand identity rather than a fragmented product catalogue.
