New Delhi, May 5 (PTI) Neobank startup Fi on Thursday said it expects to increase the user base to 3 million by the end of this year and revenue to flow into the company from lending product services initially.

Founded by Sujith Narayanan and Sumit Gwalani, the ex-Google employees who pioneered GPay, Fi expects to work after it starts co-creating new personal finance products in partnership with banks.

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"We crossed a million users in February. We plan to have 3 million users by the end of this year," Fi co-founder Sujith Narayanan said.

The company launched its full scale service in June 2021.

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The firm claims to have recorded 1 million registered users on its app within eight months of its launch, and sees on an average 25 transactions every month per user.

Narayanan said that the company has been focussing on to become a preferred financial investment platform for users initially, and in the second stage, it has been focussing on to help people understand money better and creating better investment options for them.

"We have been looking at a multi-year journey to be a preferred financial platform. For us initial first 12 months haven't essentially been driving ARPU (Average Revenue Per User). But over a period of time when we look at lending products, certain other investment opportunities and when we co-create products with banking partners, that's when revenue direction will start picking up dramatically," Narayanan said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)