Neobanking firm Fi raises $45 million in funding led by Alpha Wave Ventures

Fi (previously epiFi), a consumer-focused neo-banking platform, has raised further funds of $45 million in a series C funding round led by existing backer Alpha Wave Ventures. This is the Bengaluru-based startup’s second financing in the previous nine months. The board of directors has approved the issuance of 2,32,980 Series C Compulsory Convertible Preference Shares (CCPS) to Alpha Wave Ventures at an issue price of Rs 15,239.38 per share, raising Rs 355 crore (about $45 million).

Fi has raised new funds at a post-money valuation of $520 million. When it raised $50 million led by B Capital, the company was valued at $325 million. Entrackr was the first to report the change at the time. The company is likely to raise more capital in this round, thus the valuation figure may change. Fi competes in the consumer-focused neo-banking area with Jupiter, Niyo, P10, and InstantPay.

Aside from Fi, Jupiter and Niyo have also scooped up huge rounds in recent months. Jupiter, helmed by Jitendra Gupta, raised $86 million in December, while Niyo raised $30 million earlier this month, following a $100 million Series C investment in February. The top companies in this market, including Jupiter and Niyo, were in the pre-revenue stage as of the fiscal year ending on March 31, 2021, or FY21, despite the fact that investment in consumer-focused neo-banking platforms has increased.

About Fi:

Bengaluru-based Sujith Narayanan and Sumit Gwalani started Fi in the year 2019. Users can open a savings account fully on their phones thanks to the startup’s partnership with banks that have been granted RBI licences. Fi was created with the intention of assisting users in better understanding their financial habits and directing them toward high-quality investments.

Fi seems to be a fascinating startup with a motivating turn of events on the financial services platform. Best wishes for the new startup business venture. I know that the team worked incredibly hard on it. I wish them great success in the future!

Shishir Gupta, Founder and CEO, StartupLanes

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