Mumbai, Nov 1 (PTI) The Bengaluru-based neobank Fi, which is primarily focused on working professionals who access their banks from their mobile phones, has secured USD 50 million (about Rs 375 crore) in Series-B funding from B Capital Group, Falcon Edge and existing investors, valuing the nearly three-year-old fintech app at USD 315 million.

Founded in 2019 by ex-Googlers who pioneered GPay, Sujith Narayanan and Sumit Gwalani, the payment app has more than one million working professionals as customers using its Android and iOS apps for banking now.

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In September, Fi was one of the first fintech companies to adopt the Reserve Bank of India's (RBI) account aggregator framework and showcase its use-case at the industry-wide launch event organised by iSpirt.

Fi's connected accounts feature built on the account aggregator framework allows users to view their financial data from all of their bank accounts.

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Responding to the rising demand for app, Fi has now opened up its app access to all as a result users will no longer be waitlisted and can now download the Fi app directly from the Google Playstore and App Store. Untill recently, access to Fi was open to only Android users and on popular demand, the neobank launched its iOS app last month.

The USD 50 million from the latest funding values it at USD 315 million, primarily pumped in by B Capital Group, Falcon Edge and others and existing investors Sequoia Capital and Ribbit Capital.

The fintech had received USD 13.2 million in a seed funding round led by Sequoia India and Ribbit Capital in 2020. It's owned by the parent company Epifi Technologies.

The latest round boosts valuation seven times from their Series-A round in 2020 when it was valued at USD 45 million.

The Fi app is a saving-friendly product that aims to simplify finances for working professionals and so far, over one million users have registered on its waitlist to open a savings account. The account is an instant, zero-balance savings account with a debit card issued in partnership with Federal Bank.

"The latest funding and valuation are a reflective of the investor confidence in the banking need-gap we are trying to address," Sujith Narayanan, co-founder and chief executive of Fi, said.

"We've observed that there is an inertia towards saving amongst digital natives. They want to save but never actually get to taking proactive steps towards saving," Sumit Gwalani, another co-founder said.

Fi is an app-based neobank created for working professionals to help them to fix banking-related pain points.

Fi is a secure platform built as a digital layer over a traditional bank, currently in partnership with Federal Bank, to provide integrated financial services. It features a smart zero-balance savings account, a zero-forex Visa-powered debit card, fixed deposits, and smart deposits. HRS hrs

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