Neobank Startup Fi Pockets $16.8 Mn In Funding From Temasek, QCM Holdings

The latest development comes just a month after Fi obtained $45 million as part of its Series C financing round with Alpha Wave Ventures

With the current fundraising, Fi has raised a total of $168.84 Mn so far

As per reports, this most recent investment is expected to be between $520 and $565 million.

Neobank Startup Fi is raising INR134.1 Cr ($16.84 Mn) in its Series C financing round with V-Sciences Investment, an entity of Temasek and its the company’s previous shareholder QCM Holdings, according to regulatory documents.

The latest development comes just a one month following Fi was able to secure $45 million during its series C financing round with Alpha Wave Ventures.

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Based on reports that the most recent investment is valued at between $520 and $565 million.

With the current fundraising, Fi has raised a total of $168.84 Million to date.

A message sent to Fi’s cofounder failed to get a response until the moment of publication of the story.

Established in the year 2019 in 2019 by Sujith Narayanan as well as Sumit Gwalani in Bengaluru, the startup which is owned by the parent company epiFi Technologies developing a digital layer on top of India’s banking system. It is connected to banks, thus aiding users in tracking their funds and manage their money. It is designed to address the problems that bank users face.

Furthermore, Fi, with its mobile application, offers savings accounts with no balance and investment opportunities in mutual funds for professionals who work.

The founding team of Fi has years of experience in the banking and tech industries. Prior to establishing Fi the founders both worked for international companies like Netflix along with PayPal.

in 2021 Fi introduced its iOS app , which includes features like an online financial advisor as well as smart deposits, debit cards as well as other.

In the month of November 2021, Fi obtained $50 million in its Series B funding round , at an after-money valuation of $315 million. The same period, it also raised $12 million from its Series A financing round, with a post-money value of $45 million.

For 2020 Fi has racked up $13.2 Mn in its seed financing roundfrom Sequoia India and Ribbit Capital.

The table that it uses for its cap is comprised of B Capital Group, Falcon Edge, Sequoia Capital and Ribbit Capital, among others.

In the neobank sector of India it is in competition with other banks like Open, Nubank, IPO-bound Navia and CredAvenue as well as other.

According to the Business Headers study the nation’s fintech market is predicted to reach $1.3 trillion in 2025. The neobanking sector is expected to be a market worth $97 million in 2025.

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