Neo-Bank Fi has raised $50 million in investment for working professionals. The startup has raised this investment from existing investors Sequoia Capital and Ribbit Capital as well as B Capital Group, Falcon Edge and others in a Series B round at a valuation of $315 million. With the new round, the company’s valuation has increased seven times.
Commenting on the new financing round, Sujit Narayanan, CEO and Co-Founder, Fi said, “The user response has been encouraging and the app has received a good response. We are focused on providing a banking experience for digital natives that reflects their personality- simple, smart, fun and flexible. We will continue to build on our offer through ecosystem partnerships and new offerings.
Sujit Narayanan further added, “Funding is an added bonus which will fuel our growth. This is a reflection of investor confidence in the banking requirement gap which we are trying to bridge. Sumit Gwalani, the co-founder of Fi, said, “When designing features for Fi, we have tried to keep users in focus and create tools that help them overcome this inertia. The adoption of some of these features confirms our efforts’.
The Fi app is a savings-friendly product that aims to make finance easy for working professionals. According to a web portal report, more than a million users had registered on Fi’s waiting list to open a savings account, an instant, zero-balance savings account with a debit card issued in partnership with Federal Bank. Is.