By Dominick Rodrigues
Mumbai : Fi – a Bengaluru-based ‘neobank’ for salaried millennials, announced its launch today in its mission to create an intelligent bank layer that helps millennials understand their money, save more and spend intelligently. +Fi has partnered with Federal Bank to issue an instant savings account, equipped with a debit card, in barely 3 minutes.+
Expressing excitement at +introducing a proposition that reimagines the way digital-first millennials perceive and interact with their money,+ Sujith Narayanan, CEO & Cofounder, Fi, said, “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 technology and data science for deriving actionable insights that empower users to take control and do more with their finances,” he said, adding “We look forward to delivering a first-of-its-kind, personalized, flexible and transparent banking experience while building long-term customer relationships.”
“We are confident that the salaried millennial will welcome this unique digital experience,” Ms. Shalini Warrier, Executive Director, Chief Operating Officer and Business Head – Retail, Federal Bank, said, adding “The entire proposition brings together the best of what both entities have to offer — fintech and banking served on a platter to the customers”.
Fi is the brainchild of ‘ex-Googlers’ Sujith Narayanan and Sumit Gwalani who pioneered Gpay. It offers an interactive, personalized and transparent digital banking experience where 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.
The app listens to customer needs, understands their wants and gently nudges them to achieve their money aspirations. Every aspect of Fi’s design minimises friction for the digital-first generation. The Fi app is one-of-a-kind in its approach, as its users will earn rewards for saving money as well – unlike the market a release stated.
Fi’s had raised $13.5 million in its seed round led by Sequoia India and Ribbit Capital. Its team of experts – from Google, Netflix, PayPal, and others – distil decades of tech & banking wisdom into Fi.
Fi’s unique features include:
AskFi: An intelligent financial assistant that answers financial questions, provides nudges, reminders and is enabled to do money-related tasks
Fit Rules: Automatically save, pay or set reminders based on external events, triggers and the user’s terms
Stash: A flexible deposit product that pays higher interest and allows users to withdraw money at any time. A combination of RD / FD without the usual restrictions
Pay Protocol: No more choosing between UPI, NEFT, IMPS or IFS code hunts. All intelligently managed.
Money-Plant: Built on the premise of ‘choice’ and rewards for better financial habits.
Smart Statements: A simple, visual statement of the user’s money.
