Neobank Fi raises $ 50 million in new funding round led by B Capital

Neobank Fi raises $ 50 million in new funding round led by B Capital

Indian neo-banking platform, Fi is said to have secured $ 50 million in the latest funding round led by the global investment firm of Facebook co-founder Eduardo Saverin, B Capital. The roundtable also saw the participation of the alternative asset management firm Falcon Edge Capital.

The firm is valued at US $ 315 million after this second round of funding, or 7 times more than its initial valuation. The new funding is the result of an interim injection of $ 12 million from its existing investors, bringing the total to $ 62 million. The company has managed to raise $ 75 million since its inception.

Fi co-founder Sumit Gwalani said the new funds would be used to deliver more personalized products to users and expand its technical team. The company has already launched the waiting list for upcoming products and has provided access to one in three or four applications.

There were roughly a million applications on the waiting list, and the monthly user transaction volume was way above the company’s expectations, he added.

Eight in ten millennials don’t understand finances, sources say, and Fi tries to demystify it through his tech-driven thinking.

Kabir Narang, founding general partner of B Capital, said Fi is focused on meeting the financial needs of 60 million tech-savvy Indian millennials. It is indeed a large, attractive and growing market in a context of 180 USD ARU (average income per user) for the main retail banks in the country.

Fi currently records almost 3-4 million monthly transactions and aims to rethink its conventional savings products such as term deposits or work deposits with personalized solutions. This will also include debit cards, mutual funds, and equity investments.

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