Fi Money Pivots to AI-Led B2B Solutions Amid Funding Crunch

Neobank Fi Money is changing its business strategy, phasing out some consumer products to focus on AI and enterprise technology, said cofounder Sujith Narayanan.

Fi Money is making this change as it faces a cash crunch and looks for ways to build a sustainable business. As part of the reset, the Bengaluru-based startup will shut down some products and reduce team roles.

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Fi began as a digital-first consumer banking platform and got attention for its well-designed app, savings tools, and fraud protection features. However, not all of its initiatives worked out as expected, Narayanan said in a LinkedIn post.

After a review, Fi has decided to focus on creating AI-driven solutions for startups and large companies, signaling a shift to a B2B model.

“This is not about effort or talent. It’s about how the company needs to be structured going forward,” Narayanan wrote, while saying the transition will be handled with support for impacted employees. However, he didn’t disclose the number of employees that would be impacted.

Fi’s reset follows years of weak revenue and slow growth in its main lending business. Once seen as a digital-first banking app for young Indians, Fi has struggled with low revenue, high expenses, and frequent product shutdowns.

Founded in 2019 by Narayanan and Sumit Gwalani, Fi Money quickly attracted top investors, raising a total of $169 million in five funding rounds. Its backers include Ribbit Capital, Peak XV Partners (formerly Sequoia Capital India), Alpha Wave Global, and Temasek.

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