Metalloreductase responsible for reducing extracellular iron and copper prior to import. Catalyzes the reductive uptake of Fe(3+)-salts and Fe(3+) bound to catecholate or hydroxamate siderophores. Fe(3+) is reduced to Fe(2+), which then dissociates from the siderophore and can be imported by the high-affinity Fe(2+) transport complex in the plasma membrane. Also participates in Cu(2+) reduction and Cu(+) uptake. 2 a Fe(II)-siderophore + H(+) + NADP(+) = 2 a Fe(III)-siderophore + NADPH Inhibited by nitric oxide (NO). Expression is repressed by the addition of iron (PubMed:1570306, PubMed:1431884). Induced by transcription factor MAC1 upon copper deprivation (PubMed:7814363, PubMed:9153234, PubMed:9726978, PubMed:10341420). Induced by transcription factor AFT1 upon iron deprivation (PubMed:7720713, PubMed:9200812, PubMed:9726978, PubMed:10341420, PubMed:16024809). Responsible for the reduction of the azo bond of azo dyes, making yeasts efficient azo dye decolorizers. Present with 892 molecules/cell in log phase SD medium. Belongs to the ferric reductase (FRE) family.