News Update

Neobank Fi aims for $200-million valuation in new funding round

• ByManjeet Singh     |    October 22, 2021

Fi, a new-age app-only bank founded by former Google Pay executives, is in talks to raise $50 million, increasing its valuation to $200 million, according to two people aware of the matter.

Previously known as EpiFi, the startup is in talks with Falcon Edge Capital and B Capital to lead the round, alongside existing investors Sequoia India, Ribbit Capital and Hillhouse Capital.

Even though Fi does not have a banking license, Federal Bank has partnered with the company to allow customers to open bank accounts, while Fi runs the app and related services. There are several neobanking startups that aim to disrupt traditional banks, which are offline-heavy, lack digital presence and rely on stodgy, bureaucratic processes.

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