Reported by: banking|Updated: May 3, 2021
A new neobank has come into existence in Bengaluru. Fi, which was launched recently, said it is set up with the intention of helping people get better with money and to create an intelligent bank layer that helps millennials understand their money, 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. Sujit Narayanan and Sumit Gwalani, who created GPay for Google, are the founders of Fi. The neobank said it will offer an interactive, personalized and transparent digital banking experience. Users gain access to a new-age savings account and money management tools with features that help them know their money, grow their money and organize their funds. It also aims to assist a consumer in his financial journey beyond digital payments to other services like insurance, lending and investment opportunities. Sujith Narayanan said Fi aims to be a meaningful partner in the customers’ money aspiration journey, enabling them to simplify finances and de-mystify savings. He said the platform leverages cutting-edge tech and data science for deriving actionable insights that empower users to take control and do more with their money. Shalini Warrier, Executive Director, Chief Operating Officer and Business Head – Retail, Federal Bank said the partnership with Fi 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, she added.