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 ”.
