Sujith Narayanan and Sumit Gwalani , co-creators of Google Pay have announced the launch of Fi,a NeoBank for salaried millennials in partnership with Federal Bank.
- Fi’s android app will start operation from 21st April 2021 and its iOS app is still in processing and will be launched soon.The android app was in beta mode with 500 users.
A Neo Bank is a kind of digital bank that works virtually.It doesn’t have any branches.it doesn’t have a banking license of its own but it partners with other commercial banks to provide licensed services.
Note – State Bank of India and Kotak Mahindra have launched their own neobanking initiatives, called YONO and 811 respectively.
About Fi NeoBank:
Fi Neo Bank was founded in 2019 and has raised USD 13.5 million in its seed round led by Sequoia India and Ribbit Capital.
Co Founders:Sujith Narayanan,Sumit Gwalani
About Federal Bank:
Incorporated :April 23,1931 as the Travancore federal bank limited,Kerala under the Travancore companies regulation ,1916
Managing Director(MD) & Chief Executive Officer(CEO):Shyam Srinivasan
Tagline:Your Perfect Banking Partner