Neobank Fi launched in partnership with the Federal Bank



Bengaluru-based Neobank for working millennials, Fi has announced its launch. Fi was created with the goal of helping people get better with their money and create a smart banking layer that helps millennials understand their money, save more, and spend smart. Fi has partnered with the Federal Bank to issue an Instant Savings Account, equipped with a debit card, in under 3 minutes.

Founded in 2019, Fi is the brainchild of former Googlers who pioneered Gpay, Sujith Narayanan and Sumit Gwalani. It offers an interactive, personalized and transparent digital banking experience. Users have access to a new-age savings account and money management tools with features that help them know their money, grow their money and organize their funds. Fi aims to support a consumer’s financial journey beyond digital payments to other services – insurance, loans and investment opportunities.

Commenting on the launch, Sujith Narayanan, CEO and Co-Founder of Fi, said, “We are excited to present a proposal that reinvents the way millennials going digital perceive and interact with their money. Fi aims to be a meaningful partner in their money-sucking journey, enabling them to simplify finances and demystify savings. Our platform leverages cutting-edge technology and data science to deliver actionable insights that empower users to take control and do more with their finances. We look forward to delivering a one-of-a-kind, personalized, flexible and transparent banking experience and building long-term customer relationships. “

Speaking on the occasion, Ms. Shalini Warrier, Executive Director, COO and Business Manager – Distribution, Federal Bank, said: “We are delighted to be the only partner bank of this innovative neobank, Fi . The whole proposal brings together the best of what both entities have to offer. The smooth customer experience through the app is complemented by the stability, security, and technological prowess of the Federal Bank. We are convinced that the employed millennial will welcome this unique digital experience. The best of both worlds – fintech and banking – will be served on a platter to customers ”.

The app listens to customers’ needs, understands their wants and gently pushes them to achieve their financial aspirations. Every aspect of Fi’s design minimizes friction for the digital first generation. The Fi app is unique in its approach, as its users will also earn rewards for saving money – unlike the Marketplace.

Some of Fi’s unique features include:

o AskFi: a smart financial assistant that answers financial questions, provides nudges, reminders, and is activated to perform money-related tasks

o Adjustment rules: Automatically record, pay or set reminders based on external events, triggers and user conditions

o Stash: A flexible deposit product that earns higher interest and allows users to withdraw money at any time. A combination of RD / FD without the usual restrictions

o Payment protocol: more choice between UPI, NEFT, IMPS or IFS code hunts. All managed intelligently

o Money-Plant: built on the principle of “ choice ” and rewards for better financial habits

o Smart statements: a simple and visual statement of the user’s money

Fi’s team of experts – from Google, Netflix, PayPal, and more – are turning decades of technological and banking wisdom into Fi. The company had raised $ 13.5 million in its funding round led by Sequoia India and Ribbit Capital.


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