Indian neo banking startup Fi has raised $50m in latest funding round, which was led by B Capital and joined by Falcon Edge Capital.
The latest funding round has increased the fintech firm’s valuation by almost seven times at $315m.
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By GlobalDataFi, previously known as EpiFi, plans to use the money to expand its product offering and expand tech team.
Fi, which does not own a banking licence, offers digital-only bank accounts in partnership with Federal Bank and plans to onboard more banks.
Founded in May 2019 by former Google Pay executives Sujith Narayanan and Sumit Gwalani, Fi is now available to all users.
Fi CEO and co-founder Sujith Narayanan said: “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.”
In January 2020, Fi raised $13.2m through a seed funding round that valued it to nearly $50m. The round was led by Sequoia India and Ribbit Capital.
B Capital Group founding general partner Kabir Narang said: “Fi is focused on serving the pressing financial needs of 60 million digitally savvy millennials in India. This is a large, attractive, and growing market especially in the backdrop of $180 ARPU for top retail banks in the country.”
Recently, Fi’s direct competitor, Jupiter, which is also backed by Sequoia, raised approximately $44m in a Series B funding round at a valuation of more than $300m.
