Fi crosses 1 million accounts
- The company has recorded an average 15 transactions every month per user
Bengaluru-based neo-bank Fi has crossed one million accounts, within just 10 months of it becoming available to users, said the company in a press release.
The company has recorded an average 15 transactions every month per user. This is significantly higher as compared to an industry average of 4-5 transactions.
“We are seeing great engagement with a portfolio average of over 15 transactions per month, per user. These numbers, we believe, are rare and remarkable even by global standards” says Sumit Gwalani, co-founder at Fi.
The platform launched by former Google Pay founders Sujith Narayanan and Sumit Gwalani targets customers belonging to salaried millennials and working professionals segment.
Fi had recently raised $50 million funding round led by Facebook co-founder Eduardo Saverin's B Capital, with participation from Falcon Edge Capital. Other investors for the company includes, Sequoia India, Ribbit Capital, Hillhouse Capital and angel investors like Kunal Shah founder and CEO of CRED.
Neobanks like Fi are focused towards driving financial inclusion. Traditional banks do not have the deep India penetration. There are many remote areas without a single bank branch. Because of this, a huge chunk of the population in India remains unbanked. “This is where neobanks can help” says Gwalani. “With the internet revolution that Jio brought, even the most remote areas in the country have access to smartphones and the internet”, added Gwalani. Since neobanks are fully digital and easy to use, they give this unbanked population a way to enter the financially inclusive circle.
Fi has partnered with Federal Bank to issue an instant savings account, equipped with a debit card, in under 3 minutes. “The pace of our growth gives us the reassurance that we are comfortably placed not only within India but among global neo-banks as well”, added Sujith Narayanan, Co-founder and CEO, Fi.
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First Published:22 Feb 2022, 08:44 PM IST
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