Neobank Fi has raised USD 50 million in its latest funding round at a valuation of USD 315 million. The round, led by B Capital and Falcon Edge Capital, has raised the valuation seven times from its $45 million valuation in its Series A funding round last year. The latest capital exercise is in addition to an earlier interim round from existing investors like Sequoia Capital and Ribbit Capital.
Founded in 2019 by Sujith Narayanan and Sumit Gwalani, the fintech platform offers a zero-balance savings account aimed at working professionals to simplify their banking and savings. While it was invite-only until recently, it has now opened up to all users.The Fi app is a savings-friendly product that aims to simplify finances for working professionals. IT comes with an in-built savings account and helps customers grow and organise their funds. The customer account is an instant, zero-balance savings account with a debit card issued in partnership with Federal Bank.
“The feedback from users has been encouraging and the app has been well received. We have been focused on delivering a banking experience for digital natives that reflects their personality- simple, smart, fun, and flexible. 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. It is a reflection of investor confidence in the banking need gap we are trying to address,” said Sujith Narayanan, CEO and Cofounder, Fi.
Fi is among a slew of neobanking startups seeking to change the banking experience in India. The FI app enables p2p payments, fund transfers, bill payments, and more, with features to automate every action.
“This is a large, attractive and growing market, especially in the backdrop of $180 ARPU (average revenue per user) for top retail banks in the country. Fi is building a modern banking product that is receiving rave reviews from users of the Fi app and debit card,” said Kabir Narang, founding general partner at B Capital Group.