India’s neobank Fi is stopping its banking services on its platform after more than four years, directing customers to use Federal Bank’s mobile app instead. Founded in 2019 by former Google Pay India executives Sujith Narayanan and Sumit Gwalani, Fi launched app-based banking with Federal Bank in 2021, targeting younger users with digital savings accounts and money management tools. The startup, based in Bengaluru, has served over 3.5 million customers and completed over a billion transactions. Key investors include Ribbit Capital, B Capital, Alpha Wave Global, and Sequoia Capital India (now Peak XV Partners). Recently, Fi informed users via email that banking services on its platform would soon end. Savings accounts with Federal Bank remain active and can be accessed through FedMobile, the bank’s app. Federal Bank also notified customers about ending its partnership with Fi, citing a “business re-alignment.” Although leaving its main business, Fi plans to focus on “deep technology” and AI systems for startups and enterprises, with some products being phased out during this transition. TechCrunch independently confirmed that new users cannot open savings accounts through the Fi app. Both Fi and Federal Bank have not commented further on these developments. Fi was previously in competition with Jupiter, Open, and Slice, and has raised around $169 million over five funding rounds, according to Tracxn.
India Neobank Fi Discontinues Banking Services on Its Platform
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