Neo-banking platform Fi has raised $45 million in its Series C financing round led by Alpha Wave Ventures. Last November, the start-up had raised $50 million at a valuation of $315 million from B Capital Group, Falcon Edge, and others, in addition to an earlier interim round with existing investors Sequoia Capital and Ribbit Capital.
Entrackr reported that Fi’s board had passed a resolution to allot 2,32,980 Series C Compulsory Convertible Preference Shares to Alpha Wave Ventures at an issue price of Rs 15,239.38 per share to raise Rs 355 crore or $45 million.
The Bengaluru-based start-up, formerly called epiFi, was founded in 2019 by Google Pay executives Sujith Narayanan and Sumit Gwalani. It addresses the banking pain points of digital-first consumers like working professionals and students.
The money management platform works by building a digital layer over traditional banking ecosystems allowing users to conduct all their financial transactions, including peer-to-peer (P2P) payments, fund transfers and bill payments on its app.
Till earlier this year, Fi focused on providing banking products in partnership with Federal Bank allowing customers to open a savings account, get a debit card and open a fixed deposit through its app. In May 2022, it announced its plans to allow customers to invest in mutual funds (MF) while also planning to launch a P2P lending product.
The MF product would be integrated with the neo banking platform’s existing current savings offering called FIT Rules. Fi sought to tie up with 11 asset management companies for MF investments and Matrix Partners-funded Liquiloans for the P2P lending product.