Indian neo banking platform Fi has launched a new offering to allow customers to invest in mutual funds, media reports said.
The fintech is also planning to foray into the peer-to-peer lending space in the coming weeks.
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Fi is joining forces with 11 asset management companies for its mutual fund offering.
These include Kotak MF, Birla Sun Life MF, Tata MF, Axis MF, Canara Robeco, L&T Financial Services MF, DSP MF, ICICI Prudential and Nippon India.
Whereas the P2P lending product will be launched in partnership with Liquiloans, which is backed by Matrix Partners.
The fintech claimed that customers will be able to earn up to 9% interest by investing up to INR500,000 via the P2P lending product.
The new offerings are aimed at diversifying Fi’s portfolio, which until now included banking products that are offered in partnership with Federal Bank.
Fi said it will not charge any commission for the mutual fund offering, which will be integrated into its current savings product called FIT Rules.
The fintech expects the mutual fund offering to increase engagement, balances, and transactions.
Fi co-founder Sumit Gwalani said: “We have designed our investment products keeping in mind, both the beginner investor’s need for simplicity, along with the degree of complexity that an advanced investor looks for.”
Notably, in the future, the neobank plans to add more lending products, which will generate revenue.
Fi co-founder Sujit Narayanan said: “We will look at products on the lending side over the next 12 months. We are working in close partnership with our banking partners to be able to offer lending lines.
“We will start off with unsecured products like credit cards, personal loans etc., and then slowly expanded to other categories.”
The announcement follows Fi’s $50m fundraise in November 2021, which valued it at $315m.
