Neobank Fi raises $50M in Series B funding
Neobank Fi announced on Monday that it raised $50 million in its Series B round led by B Capital and Falcon Edge Capital. Its valuation now stands at $315 million.
Fi co-founder Sujith Narayanan 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. So, we are going to continue to build on our proposition through ecosystem partnerships and new offerings.”
The fintech startup was founded by Sujith Narayanan Sumit Gwalani and offers to its user base of working professionals zero-balance savings accounts to simplify their banking and saving experience. The startup does not have a banking license and thus works in collaboration with Federal Bank to open bank accounts.
Commenting on the investment, B Capital founding general partner Kabir Narang said, “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.”
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