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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
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.
The awards ceremony of the Economic Times Startup Awards 2023, scheduled to be held in Bengaluru on October 7, will see Union minister of commerce and industry Piyush Goyal and minister of state for information technology Rajeev Chandrasekhar attending as guests of honour. This and more in todays ETtech Morning Dispatch.