Fi partners with Federal Bank to launch neobank for millennials
Fi, a neobank designed to help salaried millennials improve their money management, has launched in partnership with Federal Bank.
The Bengaluru-based company can issue an instant savings account, with a debit card, in under three minutes.
Fi offers a variety of features to help customers grow and manage their money, including intelligent financial assistant AskFi, and Fit Rules that can be triggered to automatically save, make payments or set reminders.
Stash is a flexible withdrawal deposit product that pays higher interest, combining fixed deposits and recurring deposits without the usual restrictions. Other features include the intelligently managed Pay Protocol, smart statements and Money-Plant, which offers rewards for “better financial habits”.
The neobank was founded in 2019 by Sujith Narayanan and Sumit Gwalani, formerly of Google and pioneers of G Pay, and raised $13.5 million in its seed round led by Sequoia India and Ribbit Capital.
“We are excited to introduce a proposition that reimagines the way digital-first millennials perceive and interact with their money,” says CEO, Sujith Narayanan.
“Fi aims to be a meaningful partner in their money aspiration journey, enabling them to simplify finances and demystify 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.”
Fi also aims to help consumers move beyond digital payments, toward other services such as insurance, lending and investments.
The neobank hopes to attract half a million users this year.