FiMoney – Unboxing FI Money Kit – Fi Money is the best Neo Banking System by Federal Bank – #fimoney
Neobanking platform Fi is foraying into financial services, launching products such as mutual fund investments, peer-to-peer (P2P) investments, and digital lending on its platform along with other savings products.
To begin with, the company will offer around 600 index funds and increase the number going forward, the company said at a virtual press conference on Thursday.
Apart from mutual funds, Fi is also set to roll out a P2P investment option cal ..
Fi, the Bengaluru-based neobank for salaried millennials, has announced its partnership with Federal Bank to issue an instant savings account equipped with a debit card, in three minutes.
Fi was established to help people get better with money and to create an intelligent bank layer that helps millennials understand their money, save more and spend intelligently, a release issued here said.
Founded in 2019, Fi is the brainchild of ex-Googlers who pioneered Gpay. It offers an interactive, personalised, and transparent digital banking experience. Users gain access to a new-age savings account and money management tools with features that help users know their money, grow their money and organise their funds. Fi aims to assist a consumer’s financial journey beyond digital payments to other services — insurance, lending, and investment opportunities. according to the release.
Fintech and banking
Sujith Narayanan, CEO & Cofounder, Fi, said, “We are excited to introduce a proposition that reimagines the way digital-first millennials perceive and interact with their money. Fi aims to be a meaningful partner in their money aspiration journey, enabling them to simplify finances and de-mystify savings. Our platform leverages cutting-edge tech and data science for deriving actionable insights that empower users to take control and do more with their finances”.
Shalini Warrier, Executive Director, Chief Operating Officer and Business Head – Retail, Federal Bank, said the partnership brings together the best of what both entities have to offer. Smooth customer experience via the app is complemented by the stability, safety and technological prowess of Federal Bank. “We are confident that the salaried millennial will welcome this unique digital experience. The best of both worlds – fintech and banking – will be served on a platter to the customers”.
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.
A neobank is a digital bank that does not have any branches. Instead of having a physical presence at a set location, neobanking is entirely online. A broad collection of financial service providers, who primarily target tech-savvy customers, comes under the umbrella of neobanking.
Fi, the Bengaluru-based neobank for salaried millennials, has announced its partnership with Federal Bank to issue an instant savings account equipped with a debit card, in three minutes.
Fi was established to help people get better with money and to create an intelligent bank layer that helps millennials understand their money, save more and spend intelligently, a release issued here said.
Founded in 2019, Fi is the brainchild of ex-Googlers who pioneered Gpay. It offers an interactive, personalised, and transparent digital banking experience. Users gain access to a new-age savings account and money management tools with features that help users know their money, grow their money and organise their funds. Fi aims to assist a consumer’s financial journey beyond digital payments to other services — insurance, lending, and investment opportunities. according to the release.
Fintech and banking
Sujith Narayanan, CEO & Cofounder, Fi, said, “We are excited to introduce a proposition that reimagines the way digital-first millennials perceive and interact with their money. Fi aims to be a meaningful partner in their money aspiration journey, enabling them to simplify finances and de-mystify savings. Our platform leverages cutting-edge tech and data science for deriving actionable insights that empower users to take control and do more with their finances”.
Shalini Warrier, Executive Director, Chief Operating Officer and Business Head – Retail, Federal Bank, said the partnership brings together the best of what both entities have to offer. Smooth customer experience via the app is complemented by the stability, safety and technological prowess of Federal Bank. “We are confident that the salaried millennial will welcome this unique digital experience. The best of both worlds – fintech and banking – will be served on a platter to the customers”.
Open a Fi Savings Account online in under 3 mins! Use Fi’s cool features to get better with your money — track your expenses, organise your funds, maximise your savings & automate payments. You also get rewarded for saving🌟
Fi is a one-stop financial services app that comes with an in-built no-minimum-balance savings account! We simply want to make life easy. Powered by cutting-edge tech, Fi helps you know your money, grow your money & organise your funds. It provides everything from hassle-free UPI Payments to a sleek VISA Debit Card with zero forex charges. Think of it as money management 2.0 for a generation of digital natives 👑
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You spend smarter, not lesser
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You remain in control
– With Fi’s VISA Debit Card you can enable/disable swipe, online and contactless payments.
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And much more!
● No jargon: We will always communicate with you in plain English.
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● No paperwork: No branch visits, no queues and no tedious processes⏳
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For further information please visit www.fi.money
