Fi Raises $45M in Series C Funding Round
Neo-banking platform Fi has raised $45 million in its Series C funding round led by Alpha Wave Ventures. Last November, the startup raised $50 million at a $315 million valuation from B Capital Group, Falcon Edge and others, in addition to an earlier mid-round with existing investors Sequoia Capital and Ribbit Capital.
Entrackr reported that Fi’s Board of Directors passed a resolution to allot 2,32,980 Series C Compulsory Convertible Preferred Shares to Alpha Wave Ventures at an issue price of Rs 15,239.38 per share to raise Rs 355 crores. of rupees or 45 million dollars.
The Bengaluru-based startup, formerly epiFi, was founded in 2019 by Google Pay executives Sujith Narayanan and Sumit Gwalani. It addresses the banking challenges of digital-first consumers, such as working professionals and students.
The money management platform works by creating a digital layer over traditional banking ecosystems allowing users to perform all their financial transactions, including peer-to-peer (P2P) payments, fund transfers and bill payments on its app.
Until earlier this year, Fi focused on providing banking products in partnership with the Federal Bank allowing customers to open a savings account, obtain a debit card and open a fixed deposit via its application. In May 2022, it announced plans to allow customers to invest in mutual funds (MFs) while planning to launch a P2P lending product.
The MF product would be integrated into the current savings offer of the neo-banking platform called FIT Rules. Fi has sought to partner with 11 asset management firms for MF investments and the Matrix Partners-funded Liquiloans for the P2P lending product.