neobank of india Fi is shutting down banking services on its platform more than four years after launching in partnership with Federal Bank, directing customers to access their savings accounts through the bank’s mobile app as it shuts down its Fi interface.
Founded in 2019 by former Google Pay India executives Sujith Narayanan and Sumit Gwalani, Fi launched Its app-based banking service partnered with Federal Bank in 2021 to offer digital savings accounts and money management tools aimed at younger users. The Bengaluru-based startup says it has served more than 3.5 million customers and completed over a billion transactions through its platform. It counts investors including Ribbit Capital, B Capital, Alpha Wave Global and Sequoia Capital India, which launched as Peak XV Partners in 2023.
This week, however, customers who opened accounts through the Fi app received an email saying that banking services on the platform would soon be discontinued. The fintech said customers’ savings accounts at Federal Bank will remain active and must now be accessed through the bank’s mobile banking app, FedMobile.
“Banking services on the Fi app will soon be discontinued. However, your Federal Bank savings account remains active and fully functional. Your money remains completely safe and accessible at all times,” the company said in the email, which was reviewed by TechCrunch.
In a separate email, Federal Bank told customers that its partnership with Fi is ending as part of a “business realignment,” advising them to access their accounts through its own digital channels.
“Our partnership with Fi is ending. Your account remains the same and only the channel through which you access it changes,” the bank said in the email.
Fi was competing with Jupiter, Open and Slice. The startup has raised about $169 million in five rounds of funding, per Tracxn.
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While the startup is abandoning its core business, the company has stated that it is not a complete shutdown. Last month, Fi co-founder Narayanan he said in a LinkedIn post that the company is realigning its strategy to focus on building “deep tech” and artificial intelligence systems for startups and large enterprises, adding that some products will sunset as part of the transition.
“We asked where we do our strongest work and where we can build something that really lasts. The answers kept pointing in one direction — deep technology, artificial intelligence, and building complex systems for startups and large enterprises,” Narayanan wrote.
TechCrunch has independently confirmed that new users can no longer open savings accounts through the Fi app, which now displays a message saying the option is no longer available. However, Fi did not respond to requests for comment on its strategic shift and future plans. Federal Bank also did not respond to requests for comment.
