Neobank “Fi” Launched in Partnership with Federal Bank

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.” 

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“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.  

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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 

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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. 

 

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