Google Pay creators launch neobank Fi for millennials

Sujith Narayanan and Sumit Gwalani, Co-creators of Google Pay, launched Fi a neobank for salaried millennials in partnership with Federal Bank.

Neobanks are virtual banks that operate online and do not have physical branches.

Founded in 2019, Fi raised $ 13.5 million on its initial tour led by Sequoia India and Ribbit Capital.
Its Android app, which was in beta mode with 500 users, will launch on Wednesday. The founders said they plan to add half a million users this year.

The company said that the iOS Fi app is running and will launch soon. All of its current features, such as financial assistance AskFi and Fit Rules, which automatically saves, pay, or set reminders based on external events and stimuli, are free to use. There is no registration fee and users have the option to open an account with no balance.

The three-year-old startup plans to launch its monetization products in the next six months with its loan and wealth offerings. It also plans to add more banking partners in the near future.

Narayanan, CEO, and Co-Founder of Fi said: "We are excited to present a proposition that reinvents the way that digital-first millennials view and interact with their money. Fi aims to be a meaningful partner in their financial aspirations journey, enabling them to optimize the finances and demystify  Savings ".

At least six neobanks have emerged in India in recent years. Among well-established financial institutions, the State Bank of India and Kotak Mahindra launched their neobanking initiatives, called YONO and 811 respectively.

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