Sujith Narayanan and Sumit Gwalani former google employees have launched a Neo-banking app called Fi. Fi is a neobank targeted at the salaried millennial customer base to help them understand money, save more, and spend intelligently.
“Minimalism is our theme, and we want to demystify finance where people can clearly see where they have spent and how they can save.” Co-founder Sujith Narayanan
Based in Bengaluru, the neobank has partnered with Federal Bank to enable its users to open their savings bank account with the attendant debit card, which the founders say will happen in three minutes.
Fi which was founded in May 2019 has already raised a seed round of $13.2 million from investors such as Sequoia India, Ribbit Capital, Hillhouse Capital, and CRED Founder Kunal Shah. It has a team strength of around 80 people.
“Our objective is to raise the bar and reward people for saving money, nudging them to good financial habits.” Sujith Narayanan.
The Fi app will also allow for all kind of payment regardless of the channels — be it UPI, IMPS, NEFT, RTGS, or anything else. It will also include an automatic search of all the important IFSC code.
The startup aims to have around two million customers on its platform, and will also be looking at partnerships with other banks. Besides, it will also bring newer features like lending and investments.