Neobank Fi Partners With Federal Bank To Open Instant Savings Account


Fi, the Bengaluru-based Millennials Neobank, has announced its partnership with the Federal Bank to issue an instant savings account with a debit card in three minutes.

Fi was created to help people get better with their money and to create a smart banking layer that helps millennials understand their money, save more and spend smart, according to a statement posted here.

Neo Bank – the new disruptor on the block

Founded in 2019, Fi is the idea of ​​former Googlers who pioneered Gpay. 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. according to the press release.

Fintech and banking

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. ”

The Federal Bank will launch credit cards in the coming months

Shalini Warrier, Executive Director, Chief Operating Officer and Chief Business Officer – Retail, Federal Bank, said the partnership brings together the best that both entities have to offer. A smooth customer experience through the app is complemented by the stability, security, and technological prowess of the Federal Bank. “We are convinced that Generation Y employees will appreciate this unique digital experience. The best of both worlds – fintech and banking – will be served on a platter to customers ”.

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