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neobank Fi launched in India in partnership with Federal Bank

Madhushree Chakrabarty April 23, 2021
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Bengaluru-based neobank has announced the launch of Fi today in India. The platform was started with the noble purpose of helping people get better at managing their money and to create a bank layer that is smart and intelligent, so the millennials could be helped to understand, save and spend their money intelligently. Federal bank has been partnered up by Fi to issue a debit card-equipped instant savings account in under 3 minutes.

Fi is the brainchild of two ex-Googlers Sumit Gwalani and Sujith Narayanan, who pioneered Gpay. Fi was founded in 2019, offering an interactive, personalized, and transparent digital banking experience. Users gain access to a new-age savings account and money management tools with features that help users know their money, grow their money and organize their funds. Fi aims to assist a consumer’s financial journey beyond digital payments to other services — insurance, lending, and investment opportunities.

Commenting on the launch, Sujith Narayanan, CEO & Cofounder, Fi, said, “We are excited to introduce a proposition that reimagines the way digital-first millennials perceive and interact with their money. Fi aims to be a meaningful partner in their money aspiration journey, enabling them to simplify finances and de-mystify savings. Our platform leverages cutting-edge tech and data science for deriving actionable insights that empower users to take control and do more with their finances. We look forward to delivering a first-of-its-kind, personalised, flexible and transparent banking experience and building long-term customer relationships.”

Speaking on the occasion, Ms. Shalini Warrier, Executive Director, Chief Operating Officer and Business Head – Retail, Federal Bank said, “We are delighted to be the sole partner Bank for this innovative neobank, Fi. The entire proposition brings together the best of what both entities have to offer.  The slick customer experience via the app is complemented with the stability, safety and technological prowess of Federal Bank.  We are confident that the salaried millennial will welcome this unique digital experience. The best of both worlds – fintech and banking – will be served on a platter to the customers”.

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