Neobanking platform Fi allows investments in mutual funds and soon launch peer-to-peer lending product
- ByStartupStory | May 7, 2022
Neobanking platform Fi founded in 2019 by two former Google Pay executives Gwalani and Sujit Narayanan is competing with other consumer neo banking platforms like Freo, Jupiter, Niyo, etc. Fi will now allow its customers to invest in mutual funds and is also soon launching a peer-to-peer lending product. For the mutual fund investments, Fi is tying up with 11 asset management companies (AMCs) and is partnering up with Matrix Partners-funded Liquiloans for the P2P lending product.
Before announcing its investment in Mutual funds, Fi was mainly focused on providing banking products in partnership with the Federal Bank. The customers could open their Federal Bank savings account through the neo banking platform, get a debit card and open a fixed deposit where money can be deposited in small amounts.
For the startup which is valued at $315 Mn, these new offerings will be a way of diversification. A small amount of money is automatically set aside from the savings that are called FIT Rules, which are Fi’s current savings products and are soon to be integrated with the mutual fund’s product.
The company has one million registered users out of which 70 percent were active users. The neo banking platform sees 25 lakh transactions a month on average per user and is also adding three lakh users every month.
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