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Fi, backed by Peak XV and Temasek, obtained an NBFC licence from RBI for independent lending. Like Jupiter, Groww, and Cred, Fi now offers loans and additional financial services.
Last valued at $520 million in July 2022, the neobanking company's revenue came in at Rs 1.27 crore in FY21 and Rs 25.6 crore in FY22, data from PrivateCircle shows
Despite its best efforts, whether through taking a stake in Jio or via WhatsApp Pay, Facebook has struggled to develop a market niche in the subcontinent, but Google has.
In the fintech industry, Fi Money, formerly known as Epifi Technologies Private Limited, is causing a stir. Established in 2019 by Sujith Narayanan and Sumit Gwalani, this neo-banking platform has experienced a fascinating path filled with both successes and setbacks.
Internally, the Fi is experimenting with a new user onboarding flow called Fi Lite, where customers are not mandated to open a digital banking account anymore, rather can directly opt for credit products. Fi is also planning to rejig its one-time joining fee of Rs 2,000 for credit card customers to expand its card base.