India’s neobank Fi is discontinuing banking companies on its platform greater than 4 years after launching them in partnership with Federal Financial institution, directing prospects to entry their financial savings accounts by way of the financial institution’s cellular app because it winds down the Fi interface.
Based in 2019 by former Google Pay India executives Sujith Narayanan and Sumit Gwalani, Fi launched its app-based banking service in partnership with Federal Financial institution in 2021 to supply digital financial savings accounts and cash administration instruments aimed toward youthful customers. The Bengaluru-based startup says it has served greater than 3.5 million prospects and accomplished over a billion transactions by way of its platform. It counts traders together with Ribbit Capital, B Capital, Alpha Wave World, and Sequoia Capital India, which spun off as Peak XV Companions in 2023.
This week, although, prospects who opened accounts by way of the Fi app obtained an electronic mail stating that banking companies on the platform will quickly be discontinued. The fintech stated prospects’ financial savings accounts with Federal Financial institution will stay lively and should now be accessed by way of the financial institution’s cellular banking app, FedMobile.
“The banking companies on the Fi app will quickly be discontinued; nonetheless, your Financial savings Account with Federal Financial institution stays lively and totally operational. Your funds stay utterly secure and accessible always,” the corporate stated within the electronic mail, reviewed by TechCrunch.
In a separate electronic mail, Federal Financial institution informed prospects that its partnership with Fi was ending as a part of a “enterprise re-alignment,” advising them to entry their accounts by way of its personal digital channels.
“Our partnership with Fi is ending. Your account stays the identical and solely the channel by way of which it’s accessed is altering,” the financial institution stated within the electronic mail.
Fi was competing with the likes of Jupiter, Open, and Slice. The startup has raised about $169 million throughout 5 funding rounds, per Tracxn.
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Whereas the startup is vacating its main enterprise, the corporate has indicated that this isn’t a whole shuttering. Final month, Fi co-founder Narayanan stated in a LinkedIn publish that the corporate was realigning its technique to give attention to constructing “deep expertise” and synthetic intelligence techniques for startups and huge enterprises, including that some merchandise would sundown as a part of the transition.
“We requested the place we do our strongest work, and the place we will construct one thing that really lasts. The solutions stored pointing in a single route – deep expertise, AI, and constructing advanced techniques for startups & massive enterprises alike,” Narayanan wrote.
TechCrunch independently confirmed that new customers can now not open financial savings accounts by way of the Fi app, which now shows a message saying the choice is now not accessible. Nonetheless, Fi didn’t reply to requests for touch upon its strategic shift and plans for the longer term. Federal Financial institution additionally didn’t reply to requests for remark.
