Former Google Employees Launch Neobank Fi App For Millennials

0



Two elders Google employees Sujith Narayanan and Sumit Gwalani, who was the pioneer creation of Google Pay, Tuesday launched Fi – a neobank targeting the salaried client of Generation Y foundation to help them understand money, save more, and spend wisely.

the Neobank based in Bengaluru associated with Federal Bank to allow its users to open their savings bank account with the corresponding debit card, which the founders say will happen in three minutes.

Speaking at the launch, co-founder Sujith Narayanan said, “Minimalism is our theme, and we want to demystify finance where people can see clearly where they’ve spent and how they can save.”

Fi will provide a full suite of banking experience as well as intuitive hyper-personalized technology on the platform, which provides one-on-one advice as needed.

According to Sumit Gwalani, going through the beta of the Fi app, it resonated well with their targeted user base, especially on the savings feature.

To bring a certain element of gamification to the app, Fi also has a feature that allows users to allocate a certain amount of money to save whenever the individual’s favorite cricketer scores a limit.

“Our goal is to raise the bar and reward people for saving money by inspiring them to adopt good financial habits,” said Sujith.

The Fi app will also allow all types of payment regardless of the channels – be it UPI, IMPS, NEFT, RTGS or other. It will also include a automatic search of all important IFSC codes.

This fintech startup is keen to provide information on an individual’s financial world and not just on their transaction history. “All of these are available with one click,” added Sujith.

This fintech startup founded in May 2019 has already raised a $ 13.2 million seed round investors such as Sequoia India, Ribbit Capital, Hillhouse Capital and CRED founder Kunal Shah. Its team consists of around 80 people.

Fi aims to have around two million customers on its platform and will also consider partnerships with other banks. Besides, it will also bring new features like loans and investments.

“It will be a whole new banking experience,” says Sujith.



Leave A Reply

Your email address will not be published.