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HomeInsightFunding Alert Neobank startup Fi raises $16.8 mn in funding

[Funding alert] Neobank startup Fi raises $16.8 mn in funding

[Funding alert] Neobank startup Fi raises $16.8 mn in funding
Sujith Narayanan and Sumit Gwalani, co-founders of Fi

Bengaluru-based neobanking startup Fi (formerly, epiFi) has raised $16.84 million (INR134.1 Cr) as part of its Series C funding round from V-Sciences Investment, an entity of Temasek, and existing investor QCM Holdings, according to regulatory filings.

The latest funding comes a month after it had secured $45 million in its Series C funding round led by Alpha Wave Ventures.

According to reports, the valuation of the company after this round was between $520-$565 Mn. It has raised a total of $168.84 million so far.

Read also – [Funding alert] LearnQ raises funding from the founder & CEO of the corporate SaaS platform

The Bengaluru-based Fi was founded in 2019 by Sujith Narayanan and Sumit Gwalani, It is currently creating a digital layer over India’s banking ecosystem. It thus connects with banks, helping users to track their money and manage their funds.

Its mobile app provides zero balance savings account and mutual fund investment opportunities to working professionals.

In November 2021, Fi had raised $50 million in its Series B funding round from various investors at a post-money valuation of $315 million.

Read also – [Funding alert] EV startup goEgoNetwork raises $8 mn in Series A round

About Fi

Fi is a financial app that comes with an in-built savings account. Emboldened by cutting edge tech, Fi helps user to know his money, grow money and organize their funds.

Their team distils decades of tech & banking wisdom – gained from Google, Netflix, PayPal, and others – to create one innovative product.

Users access Fi’s Savings Account & VISA debit card, through their partnership with RBI-licensed Federal Bank.

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