Indian neobank startup Fi raises USD 50 million in series B round

India-based Fi, a neobank that provides digital bank accounts and streamlines the financial management process for their clients, raised USD 50 million on 30th October.

Investors:

The new round of funding has been led by Facebook co-founder Eduardo Saverin’s B Capital, with support from Falcon Edge Capital. Last year, Fi had raised $13 million from Ribbit Capital and Sequoia Capital.

Purpose of funding: Offering banking products that reflect the unique personality of digital natives – simple, smart, fun, and flexible. Providing digital users with financial assistance and smart tools for saving. The goal is to combine the features of the fixed deposit (FD) and the recurring deposit (RD) into one convenient and useful tool.

About Fi (epiFi)

Founded in 2019 by co-founders of Google Pay, Sujith Narayanan, and Sumit Gwalani, Fi provides neobanking solutions targeted at generation z, the next generation of millennials. The main focus of Fi was to enhance the existing banking infrastructure. Fi combines a savings account with a financial app. Powered by cutting-edge technology, Fi helps you grow your money, know your money, and manage your finances. FI’s Savings Account and VISA Debit Card are backed by an RBI-licensed Federal Bank. Furthermore, a debit card will be issued to customers with a savings account in an instant.

What the Founder has to say:

“The feedback from users has been encouraging and the app has been well received. We have been focussing on delivering a banking experience for digital natives that reflects their personality – simple, smart, fun, and flexible. So we are going to continue to build on our proposition through ecosystem partnerships and new offerings. The funding is an added bonus that will fuel our growth,” said Sujith Narayanan, CEO, and co-founder at Fi.

“We have observed that there is inertia towards saving amongst digital natives. They want to save but never actually get to take proactive steps towards saving. While designing the features for Fi, we have tried to keep the user at the center and build tools that help them overcome this inertia. The uptake of some of these features validates our efforts,” said Sumit Gwalani, co-founder at Fi.

What the Investor has to say:

“We have been looking at neo-banking opportunities across emerging markets and are excited to be investing in Fi, which focuses on serving the pressing financial needs of 60 million digitally savvy millennials in India. This is a large, attractive, and growing market especially in the backdrop of $180 ARPU for top retail banks in the country. Fi is building a modern banking product that is receiving rave reviews,” said Kabir Narang, Founding General Partner at B Capital Group.

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