Bengaluru-based neobank for salaried millennials, Fi, on Thursday launched its services.
Fi was established with a purpose to help people get better with money and to create an intelligent bank layer that helps millennials understand their money, save more and spend intelligently, a release said.
Fi has partnered with Federal Bank to issue an instant savings account, equipped with a debit card, in under 3 minutes.
Founded in 2019, Fi is the brainchild of ex-Googlers who pioneered Gpay, Sujith Narayanan and Sumit Gwalani. It offers an interactive, personalised, and transparent digital banking experience.
Users gain access to a new-age savings account and money management tools with features that help users know their money, grow their money and organise their funds. Fi aims to assist a consumer’s financial journey beyond digital payments to other services — insurance, lending, and investment opportunities.
Fi CEO and Co-founder Sujith Narayanan said, “We are excited to introduce a proposition that reimagines the way digital-first millennials perceive and interact with their money.”
“Fi aims to be a meaningful partner in their money aspiration journey, enabling them to simplify finances and de-mystify savings. Our platform leverages cutting-edge tech and data science for deriving actionable insights that empower users to take control and do more with their finances,” he added.
Speaking on the occasion, Federal Bank Executive Director, Chief Operating Officer and Business Head Shalini Warrier said, “We are delighted to be the sole partner Bank for this innovative neobank, Fi. The entire proposition brings together the best of what both entities have to offer. The slick customer experience via the app is complemented with the stability, safety and technological prowess of Federal Bank.”
The app listens to customer needs, understands their wants, and gently nudges them to achieve their money aspirations.
Some of Fi’s unique features include:
- AskFi: An intelligent financial assistant that answers financial questions, provides nudges, reminders and is enabled to do money-related tasks
- Fit Rules: Automatically save, pay or set reminders based on external events, triggers and the user’s terms
- Stash: A flexible deposit product that pays higher interest and allows users to withdraw money at any time. A combination of RD / FD without the usual restrictions
- Pay Protocol: No more choosing between UPI, NEFT, IMPS or IFS code hunts. All intelligently managed
- Money-Plant: Built on the premise of ‘choice’ and rewards for better financial habits
- Smart Statements: A simple, visual statement of the user’s money
Fi’s team of experts – from Google, Netflix, PayPal, and others – distil decades of tech and banking wisdom into Fi. The company had raised $13.5 million in its seed round led by Sequoia India and Ribbit Capital.