Segment – Neo bank
About
Sujit Narayanan Kutty, a finance professional, and Sumit Gwalani, a computer science engineer and MBA, co-founded FI. Money. Fi Money, which is based in Bengaluru, was founded in 2019. Fi Money’s legal name is Epifi Technologies Private Limited.
FI.money is a neobank that provides all banking products such as credit cards, savings accounts, payment services, instant loans, and unique products such as connected accounts that allow to connect multiple bank accounts.
FI funds provide funding Nobody knows who put $17 million into the August 12, 2022, Round Series C Fund. On July 22, 2022, Alpha Wave Global invested $3.6 billion in the Round Series C Fund. On October 30, 2021, B Capital Group invested $50 million in the Series B Fund. On June 1, 2021, it is unknown who invested $12 million in the Series A Fund. Ribbit Capital, a Peak XV partner, invested $13.2 million in a seed fund on January 13, 2020.
Philosophy/key insight
Fi Money is a NeoBank application that comes with a savings account. It has tools to aid in better money management as well as a clever, zero-balance savings account. One can create automatic investment rules to invest in a fixed deposit. Recently, a feature was added that enables users to purchase mutual funds directly from the platform. Federal Bank and Fi Money have a collaboration. Through this banking alliance, they provide a savings account and a Visa debit card. Additionally, they offer personal loans, invest in US stocks, provide account-connected account services through EPIFi Wealth Limited, offer limited mutual fund investment options, and much more in collaboration with other regulated organizations.
Media
Fintech brand fi sheds light on financial abuse in its women’s day campaign, HT brand Studio, March 2023 https://www.livemint.com/brand-stories/a-fintech-brand-talks-about-financial-abuse-and-why-it-s-important-for-women-11678447576410.html
Economic abuse is a major problem in patriarchal cultures, where men manage finances and women care for others. Many women are completely unaware of the issue and have no legal recourse. Fi, a Bengaluru-based money app, collaborated with Majlis to develop the Love Language Translator, which addresses the conditioned belief that economic abuse is normal. The campaign, which debuted on International Women’s Day, has gained significant traction.
Fi Money launches Ally Annexure: a financial inclusion initiative, HT brand Studio, May 2021 https://www.livemint.com/brand-stories/fi-money-launches-ally-annexure-a-financial-inclusion-initiative-11657117623964.html
Neobank, in collaboration with Pride Circle and Fi Money, has launched a campaign to improve financial services access for LGBTQ customers. The Ally Annexure’ initiative aims to educate institutions on the importance of being more accessible to the financial needs of queer customers. Kochi Federal Bank will lend its support to the initiative. Fi Money’s ‘The Ally Annexure’ manual assists staff in self-education about the needs, preferences, and problems of the queer community. The intention is for this document to serve as a standardized guideline for banks and financial institutions across the country. The digital version can be downloaded and shared with more industry professionals.
Neo bank Fi partners with Federal Bank to open instant savings account, April 27, 2021, https://www.thehindubusinessline.com/money-and-banking/neobank-fi-partners-with-federal-bank-to-open-instant-savings-account/article34420812.ece
Fi, a Bengaluru-based neobank for salaried millennials, has partnered with Federal Bank to provide a three-minute instant savings account with a debit card. Fi, founded in 2019 by ex-Googlers who pioneered Gpay, provides a digital banking experience that is interactive, personalized, and transparent. Users gain access to a modern savings account and money management tools that help them understand their money, grow it, and organize it. Fi aims to help consumers with their financial journeys beyond digital payments, including insurance, lending, and investment opportunities. Federal Bank plans to launch credit cards in the coming months, demonstrating both entities’ stability, safety, and technological prowess.
Prepared by – Ajinkya, July 2023
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