Indian neobanking startup Fi raises $45 million in funding

Oluwajuwonlo Afolabi -

Fi, formerly EpiFi, an India-based neobanking platform has raised $45 million in its Series C funding round from Alpha Wave Ventures.

  • Fi is a money management app for working professionals, with zero balance savings accounts and commission-free mutual funds. Users are allowed to connect other bank accounts to the app.
  • The startup is now valued at $520 million at this raise and looks forward to increasing its total for the round.
  • It last raised $50 million in a B Capital-led round at a $325 million valuation.
  • Fi's competitors include Jupiter, Niyo, P10, InstantPay and others in the digital banking space in India.