Neobank Fi Launches in India in New Partnership with Federal Bank

Fazzaco learned that neobank Fi, an online banking platform aiming to re-imagine the banking experience, has launched in India in partnership with Federal Bank.

With this new partnership, the neobank will be able to issue an instant savings account, equipped with a debit card, in under 3 minutes.

Fi was founded in 2019 by ex-Googlers who pioneered Gpay – Sujith Narayanan and Sumit Gwalani, and later raised $13.5 million in its seed round led by Sequoia India and Ribbit Capital.

Commenting on the latest news, Sujith Narayanan, Chief Executive Officer at Fi, said:“We are excited to introduce a proposition that reimagines the way digital-first millennials perceive and interact with their money. Fi aims to be a meaningful partner in their money aspiration journey, enabling them to simplify finances and demystify savings. Our platform leverages cutting-edge tech and data science for deriving actionable insights that empower users to take control and do more with their finances.”

Ms. Shalini Warrier, Executive Director, Chief Operating Officer and Business Head - Retail, Federal Bank remarked, “We are delighted to be the sole partner Bank for this innovative neobank, Fi. The entire proposition brings together the best of what both entities have to offer. The slick customer experience via the app is complemented with the stability, safety and technological prowess of Federal Bank. We are confident that the salaried millennial will welcome this unique digital experience. The best of both worlds – fintech and banking – will be served on a platter to the customers”.

The neobank hopes to attract half a million users this year.