Fi is one of Indis’s first neo banks, launched in April 2021. Fi is not a regular bank; however, it offers banking services through a partnership with Federal Bank. The Bengaluru-based fintech startup has gained massive popularity among salaried millennials in the last year, mainly due to its zero balance savings account and commission-free mutual fund.
Who Is The Founder of Fi Money?
Fi was founded by two ex-Googlers, Sumit Gwalani and Sujith Narayanan, who achieved great heights while their stint at Google Pay. In 2019, they launched the company epiFi Technologies Pvt. Ltd, however, Fi and its services were made available to the general public in 2021.
Who Owns Fi Money?
Fi Money has ten investors, including Qcm Holdings, Temasek Holdings, Alpha Wave Global and Oceanview Capital Partners. According to Crunchbase, Fi Money has raised $136.6M until August 2022.
Is Fi Owned By Federal Bank?
No, Fi Money is not owned by Federal Bank. Since Fi is not an actual bank, they have partnered with Federal Bank to provide its customers a digital savings account and debit card. Federal Bank is currently Fi’s sole partner bank, aiming to provide the best of fintech and banking to their customers on a single platform.
Is Fi Money Trustworthy?
Yes, Fi Money is completely trustworthy, and they claim to follow all security standards as per the regulations of the Reserve Bank of India. Fi Money app is rated 4.4 on Google Play Store and 4.5 on Apple App Store.
Conclusion: Superfast Banking For The Millenials
Fi Money can be an excellent choice for someone looking to start a new digital bank account without any hassles and paperwork from your smartphone. You can start your zero balance saving account within 5 minutes and get a debit card without any cost. If you are looking for a Buy Now Pay Later service, check out our detailed comparison of Lazypay vs Simpl.
