Founded in 2019 by former Google Pay executives Sujith Narayanan and Sumit Gwalani, Fi (Epifi Technologies) provides a mobile interface through which users can open and manage savings and fixed-deposit accounts with Federal Bank. The app aggregates all linked bank balances and transactions, issues a co-branded debit card, and recently added mutual fund investing in partnership with 11 AMCs and a peer-to-peer lending product with Liquiloans. The company reports one million registered users, 70 % of whom are active, with an average of 25 transactions per user each month and a monthly addition rate of roughly 300,000 new users. Fi booked Rs 13 crore in revenue against Rs 221 crore in losses in FY22 and expects FY23 losses to widen to Rs 441 crore as it ramps product expansion, marketing, and hiring. Operating expenses were Rs 234 crore in FY22 and are projected to climb to Rs 563 crore in FY23. The platform competes with other Indian consumer neobanks such as Jupiter, Freo, and Niyo, while operating in a regulatory environment where full digital-bank licences are still undefined.

Total raised

$28M

Funding rounds

2

Latest round

Series C

Latest activity

Aug 2022