Neobank Startup Fi Pockets $16.8 Mn Funding From Temasek, QCM Holdings

Neobank Startup Fi Pockets $16.8 Mn Funding From Temasek, QCM Holdings

SUMMARY

The latest development comes a month after Fi secured $45 Mn in its Series C funding round from Alpha Wave Ventures

Including the current fundraising, Fi has raised a total of $168.84 Mn to date

According to reports, the latest investment would value Fi between $520-$565 Mn

Neobank startup Fi has raised INR134.1 Cr ($16.84 Mn) as part of its Series C funding round from V-Sciences Investment, an entity of Temasek, and existing investor QCM Holdings, according to regulatory filings.

The latest development comes a month after Fi secured $45 Mn in its Series C funding round from Alpha Wave Ventures. 

According to reports, the latest investment would value Fi between $520-$565 Mn.

Including the current fundraising, Fi has raised a total of $168.84 Mn to date.

An email sent to Fi’s cofounder did not elicit a response till the time of publishing the story.

Set up in 2019 by Sujith Narayanan and Sumit Gwalani, the Bengaluru-based startup, whose parent company is epiFi Technologies, is currently creating a digital layer over India’s banking ecosystem. It connects with banks thus, helping users to track their money and manage their funds. It aims to resolve users’ banking pain points. 

Further, Fi, with its mobile-based app offers zero balance saving accounts and mutual funds investment opportunities to working professionals.

Fi’s founding team holds decades of experience in the tech and banking industry. Prior to founding Fi, both founders worked with international companies such as Netflix and PayPal.

In 2021, Fi rolled out its iOS app with features including an online financial assistant, smart deposits and a debit card, among others. 

In November 2021, Fi secured $50 Mn in its Series B funding round at a post-money valuation of $315 Mn. During the same year, it raised $12 Mn in its Series A funding round at a post-money valuation of $45 Mn. 

In 2020, Fi bagged $13.2 Mn in its seed funding round from Sequoia India and Ribbit Capital.

Its cap table includes B Capital Group, Falcon Edge, Sequoia Capital and Ribbit Capital, among others.

In India’s neobank segment, it competes with the likes of Open, Nubank, IPO-bound Navia and  CredAvenue, among others. 

As per an Inc42 report, the country’s fintech market is projected to grow to $1.3 Tn by 2025. Of this, the neobanking sub-sector is likely to become a $97 Mn market by 2025. 

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Neobank Startup Fi Pockets $16.8 Mn Funding From Temasek, QCM Holdings-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Neobank Startup Fi Pockets $16.8 Mn Funding From Temasek, QCM Holdings-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Neobank Startup Fi Pockets $16.8 Mn Funding From Temasek, QCM Holdings-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Neobank Startup Fi Pockets $16.8 Mn Funding From Temasek, QCM Holdings-Inc42 Media
Neobank Startup Fi Pockets $16.8 Mn Funding From Temasek, QCM Holdings-Inc42 Media
You’re in Good company