In addition to a previous interim round with current investors Sequoia Capital and Ribbit Capital, Fi, a neo-bank for working professionals, has secured $50 million at a valuation of $315 million from B Capital Group, Falcon Edge, and others.
Fi’s worth has increased sevenfold from their Series A financing in 2020, when it was valued at $45 million.
“The feedback from users has been encouraging and the app has been well received. We have been focused on delivering a banking experience for digital natives that reflects their personality- simple, smart, fun, and flexible. We are going to continue to build on our proposition through ecosystem partnerships and new offerings. The funding is an added bonus that will fuel our growth. It is a reflection of investor confidence in the banking need gap we are trying to address,” said Sujith Narayanan, CEO and Cofounder, Fi.
Sumit Gwalani, Cofounder, Fi, said, “We have observed that there is an inertia towards saving amongst digital natives. They want to save but never actually get to taking proactive steps towards saving. While designing the features for Fi, we have tried to keep the user at the centre and build tools that help them overcome this inertia. The uptake of some of these features validates our efforts.”