Fintech firm Fi which hosts a neo-banking platform, has announced that it has raised $45 million in funding. The Series A funding round was led by Alpha Wave Ventures.
The latest funding comes after the Bengaluru-based startup had raised $50 million at a valuation of $315 million in November 2021. This particular round was led by Alpha Wave Ventures in addition to B Capital Group and Falcon Edge from an earlier interim round with existing investors Sequoia Capital and Ribbit Capital.
As per the Series C financing details, 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, Entracker reported.
The platform that checks the user’s financial health, 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.
The Bengaluru-based start-up, formerly called epiFi, was founded in 2019 by ex-Google Pay executives Sujith Narayanan and Sumit Gwalani. It aims to address the banking pain points of digital-first consumers like working professionals and students.
Till early 2022, the firm was focused on providing banking products in partnership with Federal Bank which would allow customers to open a savings account, get a debit card and open a fixed deposit through its app.
In May 2022, Fi announced its plans to allow customers to invest in mutual funds (MF) while also planning to launch a P2P lending product.