Neobank Fi, for salaried millennials announces launch in India

By Leandra Monteiro

Bengaluru-based neobank for salaried millennials Fi has announced its launch with the purpose of helping people get better with money and to create an intelligent bank layer that enables millennials to understand their money better, save more and spend intelligently. Fi has partnered with Federal Bank to issue an instant savings account, equipped with a debit card, in under 3 minutes.

Founded in 2019, Fi is the brainchild of ex-Googlers, Sujith Narayanan and Sumit Gwalani. It offers an interactive, personalised, and transparent digital banking experience. Users gain access to a new-age savings account and money management tools with features that help users know and grow their money and organise their funds. Fi aims to assist a consumer’s financial journey beyond digital payments to other services — insurance, lending, and investment opportunities.

Commenting on the launch, Sujith Narayanan, CEO & Cofounder, Fi said, “We are excited to introduce a proposition that reimagines the way digital-first millennials perceive and interact with their money. Fi aims to be a meaningful partner in their money aspiration journey, enabling them to simplify finances and de-mystify 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. We look forward to delivering a first-of-its-kind, personalised, flexible and transparent banking experience and building long-term customer relationships.”

Speaking on the occasion, Shalini Warrier, Executive Director, Chief Operating Officer and Business Head – Retail, Federal Bank said, “We are delighted to be the sole partner Bank for this innovative neobank, Fi. The entire proposition brings together the best of what both entities have to offer.  The slick customer experience via the app is complemented with the stability, safety and technological prowess of Federal Bank.  We are confident that the salaried millennial will welcome this unique digital experience. The best of both worlds – fintech and banking – will be served on a platter to the customers”.

The app listens to customer needs, understands their wants, and gently nudges them to achieve their money aspirations. Every aspect of Fi’s design minimises friction for the digital-first generation.