Neobank startup Fi raises $16.8 Mn funding from Temasek, QCM Holdings
- ByStartupStory | August 13, 2022
According to regulatory filings, the Bengaluru based Neobank startup Fi has raised $16.84 Mn as part of its Series C fundraising round from the company’s previous shareholder QCM Holdings and V-Sciences Investment, a Temasek entity.
The most recent development occurs just one month after Alpha Wave Ventures and Fi were able to secure $45 million for Fi’s series C fundraising transaction.
With the present fundraising that is included, the company has now raised a total of $168.84 Mn and reports say with its most recent investment Fi’s valuation would range between $520 and $565 Mn.
Additionally, the neobank startup provides working individuals with mutual fund investing alternatives and zero balance savings accounts through its mobile-based application.
In 2020, Sequoia India and Ribbit Capital contributed $13.2 Mn to Fi’s seed round of funding where B Capital Group, Falcon Edge, Sequoia Capital, and Ribbit Capital were a few of the companies on its cap table.
In its next year (2021the startup had received $50 Mn in its Series B funding round at a post-money valuation of $315 Mn . At a post-money valuation of $45 million, it secured $12 million in its Series A round of funding in the same year.
About Fi
The Bangalore based firm was established by Sujith Narayanan and Sumit Gwalani in the year 2015. The company is of great use for working professionals, Fi a financial app that includes a zero-balance savings account aids in budgeting, money management, and spending tracking. Additionally, it has special characteristics that could revolutionise how money is handled in the financial industry.
The company also has a parent company called epiFi Technologies, that is currently creating a digital layer over India’s banking ecosystem.
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