"The banking services on the Fi app will soon be discontinued; however, your Savings Account with Federal Bank remains active and fully operational. Your funds remain completely safe and accessible at all times. The company said in the email, reviewed by TechCrunch."
"Our partnership with Fi is ending. Your account remains the same and only the channel through which it is accessed is changing. Federal Bank told customers that its partnership with Fi was ending as part of a business re-alignment, advising them to access their accounts through its own digital channels."
"Founded in 2019 by former Google Pay India executives Sujith Narayanan and Sumit Gwalani, Fi launched its app-based banking service in partnership with Federal Bank in 2021 to offer digital savings accounts and money management tools aimed at younger users."
Fi, a neobank founded in 2019 by former Google Pay India executives, is discontinuing banking services on its platform after partnering with Federal Bank since 2021. The startup served over 3.5 million customers and processed more than a billion transactions. Customers received notifications that Fi app banking services will end, though their Federal Bank savings accounts remain active and accessible through FedMobile, the bank's official app. Federal Bank cited business re-alignment as the reason for ending the partnership. Fi, backed by investors including Ribbit Capital, Sequoia Capital India, and others, raised approximately $169 million across five funding rounds while competing with neobanks like Jupiter, Open, and Slice.
Read at TechCrunch
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