Fi Money

A single mobile app combining a Federal Bank-backed savings account, debit card, instant personal loans, and investment tools.

Beyond its core savings account, Fi offered instant personal loans as well as mutual funds, US stock investments and a rewards programme.

epiFi's core target market was millennials seeking a mobile-first banking experience.

After winding down consumer banking in March 2026, Fi pivoted to building AI and enterprise technology for business customers.

Fi launched an AI feature letting users ask personalised natural-language questions about their money — from spending patterns to investment performance — and get real-time, AI-generated insights based on their actual financial data.

Support is handled first by Fi directly, with issues escalated to banking partner Federal Bank only if unresolved — a two-party model that has left many users feeling caught between the two.

Fi originally drove engagement with a rewards and coin-based incentive programme; by 2026 this had been drastically cut back to gift cards and minimum-balance interest payouts, weakening engagement among early adopters.

The core distribution channel was Fi's own mobile banking app offering the Federal Bank savings account, card, loans and investments in one place.

Fi spent aggressively on marketing to acquire and grow its user base, spending INR 132 crore on marketing in FY23 alone, before pulling back sharply under cost-control pressure.

Amid a shrinking cash runway, a central activity became cost control — Fi sunset some consumer products and cut roles across teams as part of a broader business reset.

Since 2026 Fi has redirected its core activity toward building AI-driven systems for startups and large enterprises, marking a shift from consumer neobanking to a B2B technology model.

Fi raised roughly $137 million over its lifetime from investors including Peak XV Partners (formerly Sequoia Capital India), Ribbit Capital, Alpha Wave and Temasek, capital that funded its banking app, lending and investment products.

Fi was founded in 2019 by Sujith Narayanan and Sumit Gwalani, both former Google Pay India executives, bringing consumer fintech product experience to the company.

By 2023 Fi had built a base of more than 3 million users, growth that was largely driven by uptake of its instant personal loans product.

Fi's banking-as-a-service partner bank issuing the underlying savings account; the partnership ended in March 2026 with accounts moving fully onto Federal Bank's own FedMobile app.

Fi continued to operate as a loan distributor for RBI-registered lenders rather than lending on its own balance sheet, a model that proved hard to scale.

Instant personal loans became Fi's core/primary revenue driver as a loan distributor for RBI-registered lenders, while other non-lending products underperformed.

Mutual funds, US stock investments and rewards programmes were diversification attempts that were scaled back as the core Federal Bank-partnered banking product remained the mainstay.

Employee benefit expenses were Fi's single largest cost component in FY23, at Rs 96.5 crore, within total expenses of Rs 365.7 crore that year.

Fi's total expenses jumped to Rs 365.7 crore in FY23, up nearly 34% from Rs 271.9 crore in FY22, as the company scaled its banking, lending and investment products.

Fi spent INR 132 crore on marketing in FY23 alone as it pushed to acquire and grow its user base, a spend it later pulled back sharply under cost-control pressure.

By FY25, total expenses had come down to ₹269.2 crore, down 19% from the prior fiscal year, as Fi cut costs and pulled back consumer products amid its pivot to a B2B model.