Fi, the Bengaluru-based neobank, announced it has opened up its app access to all. Users will no longer be waitlisted and can now download the Fi app directly from the Google Playstore and App Store.
Fi has now raised $50 million at a valuation of $315 million from B Capital Group, Falcon Edge and others in addition to an earlier interim round with existing investors Sequoia Capital and Ribbit Capital. The latest round boosts valuation 7 times over, from their Series A round in 2020 that valued Fi at $45 million.
Key features
The Fi app is a savings-friendly product that aims to simplify finances for working professionals. Over a million users had registered on Fi’s waitlist to open a savings account. The account is an instant, zero-balance savings account with a debit card issued in partnership with Federal Bank. The early access to Fi was open to only Android users until recently. On popular demand, the neobank launched its iOS app last month.
Neo-banking opportunities
Sujith Narayanan, CEO and Cofounder, Fi said, “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.”
Sumit Gwalani, Cofounder, Fi said, “ While designing the features for Fi, we have tried to keep the user at the centre and build tools that help them overcome this inertia.”
Kabir Narang, Founding General Partner, B Capital Group said, “We have been looking at neo-banking opportunities across emerging markets and are excited to be investing in Fi. Fi is focused 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.”
