Bengaluru-based neobank Fi crosses 1 mn users within 10 months of launch

Bengaluru-based neo-bank Fi on Tuesday said it crossed one million accounts on its platform 10 months after it was launched by former Google Pay founders Sujith Narayanan and Sumit Gwalani.  

This comes after the platform recently raised $50 million in a funding round led by Facebook co-founder Eduardo Saverin's B Capital, with participation from Falcon Edge Capital. Other investors include Sequoia India, Ribbit Capital, Hillhouse Capital, and angel investors like CRED founder, CEO Kunal Shah.

The financial app, which targets customers belonging to salaried millennials and working professionals segment, said it has recorded an average of 15 transactions every month per user against the 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,” Gwalani said.

He added, “With the internet revolution that Jio brought, even the most remote areas in the country have access to smartphones and the internet."

Neobank Fi issues instant savings accounts with a debit card in partnership with Federal Bank 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," said Fi CEO Narayanan.

Neobanks are fully digital banks that have no physical branches and offer online-only financial services.