Google Pay founders’ neobank rakes in $50m in series B money

Fi, an India-based fintech firm formerly known as epiFi, has raised US$50 million in its latest round of funding at a valuation of US$315 million.

More funding details

• Investors: B Capital Group and Falcon Edge
• Stage: Series B

More company updates

• Fi’s valuation rose 7x from the US$45 million valuation it received in a series A financing round in 2020.
• Founded in 2019 by co-founders of Google Pay,  Sujith Narayanan and Sumit Gwalani, Fi looks to provide neobanking solutions targeted at young millennial workers. Many members of Fi’s team are former employees of Netflix and PayPal.
• So far, the fintech firm has partnered with Kochi-based Federal Bank and is looking to onboard new banking partners over the coming months.
• Users on Fi can create zero-balance savings accounts, get Visa-powered debit cards with no forex charges, and set up fixed deposits and smart deposits.
• In January 2020, the company raised US$13.2 million in seed funding in a round led by a group of investment firms, including Sequoia Capital, Ribbit Capital, and Hillhouse Capital.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.