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
5 layers disclosed in Fi Money’s embedded-finance stack
Banking / BaaS
Federal Bank (sponsor bank partnership)
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
7 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.