Fi Money
“Can a neobank survive in India when it can't hold deposits or originate credit on its own balance sheet?”
Founded2019
HQBengaluru, Karnataka, India
FoundersSujith Narayanan, Sumit Gwalani, Arvind TP, Neeraj Bhope, Prasanna R
Total raised$137M
Latest roundSeries C, $61.5M
IndustryFintech / Neobank
The story
Founded 2019 by ex-Google Pay founders as a millennial-focused neobank for India, partnering with Federal Bank for the underlying savings account. Expanded into investing (mutual funds, US stocks) and loan distribution, but the lending business — which was meant to be the revenue engine — failed to scale, triggering a cash crunch and layoffs in 2024. By 2026 Fi is being wound down as a standalone banking app: new account opening has stopped and existing customers are being migrated to Federal Bank's own FedMobile app, signaling an existential pivot away from neobanking toward AI-financial-data products like Fi MCP.
Product timeline
2019
Epifi Technologies founded in Bengaluru by ex-Google Pay (Tez) founders Sujith Narayanan and Sumit Gwalani.· founding
2020
Launched Fi Money neobank app in partnership with Federal Bank offering co-branded savings account.· banking
2022
Expanded into mutual funds, US stocks investing, and personal loans via lending partners.· lending
2024
Claimed to have built own NBFC infrastructure; mass layoffs reported amid lending business struggles.· pivot
2025
Launched Fi MCP (Model Context Protocol) — programmable AI layer over net worth data for developers.· product
2026
Banking services migration announced — new savings accounts closed via Fi app; existing users routed to Federal Bank's FedMobile app. Fi-Points reward accrual ends March 2026.· pivot
The stack
6 layers disclosed in Fi Money’s embedded-finance stack
Money movement
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Open banking
in the full report
Sponsor bank
in the full report
Accounting gap: none
8 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.