Fi.Money Valuation, Funding & Investors

Fi.Money is valued at $565M as of August 2022.

Last Fi.Money valuation

$565M

Series C · Aug 2022

Last Fi.Money funding round

$17M

Series C · Aug 2022

Cumulative funding Fi.Money raised

$137M

across 5 funding rounds

Key investors in Fi.Money

  • Alpha Wave Global
  • Qcm Holdings
  • Peak XV Partners
  • Temasek
  • Hillhouse Investment
  • Ribbit Capital

Fi.Money Overview

About Fi.Money

Fi.Money is a neobanking app offering an integrated savings account and VISA debit card in partnership with Federal Bank, licensed by the Reserve Bank of India. The platform enables users to track spending, automate savings, invest in mutual funds, and manage insurance through its mobile interface. Launched in India, Fi.Money processes transactions via UPI and provides tools for budgeting, credit scores, and family accounts, serving millions of users with FDIC-equivalent insurance up to specified limits.


Founded

2019

HQ

IndiaBangalore

Website

fi.money

Status

Privately held

Customer focus

B2C

Revenue model

Usage-based, Subscription

Valuation

$565M (Aug 2022)

Fi.Money Valuation

Fi.Money is currently valued at $565M, based on its Series C in August 2022.

The $17M round included Temasek and Qcm Holdings.

Fi.Money's valuation has grown 11x from $50M at its seed round in January 2020 to $565M in August 2022, across 5 priced rounds.

Fi.Money valuation by funding round

Fi.Money valuation by funding round
DateStageValuation
Aug 2022Series C$565M
Jul 2022Series C$519M
Oct 2021Series B$315M
Jun 2021Series A$163M
Jan 2020Seed$50M

Fi.Money Funding History

Fi.Money has raised a total of $137M across 5 funding rounds.

Fi.Money's first fundraising round was a $13M seed round in January 2020. The most recent completed round was a $17M Series C in August 2022.

Fi.Money funding rounds

Fi.Money funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Aug 2022Series CTemasek; Qcm Holdings$17M$565MFi.Money, operated by epiFi Technologies and founded in 2019 by Sujith Narayanan and Sumit Gwalani, is a Bengaluru-based neobanking platform offering digital bank accounts, zero-balance savings accounts, spending tracking, and financial guidance for working professionals. It provides features like an online financial assistant, smart deposits, and debit cards, building a digital layer over India’s banking ecosystem. In August 2022, Fi.Money raised approximately $17 million (USD 15 million from Temasek Holdings via V-Sciences Investments and USD 2 million from QCM Holdings) as part of its ongoing Series C round, following a $45 million tranche from Alpha Wave Global in June. This infusion brought the company’s total funding to around $137-168 million across seed, Series A, Series B, and Series C rounds, with backers including Ribbit Capital, Sequoia Capital India, B Capital, and Falcon Edge. Reports indicated this investment valued Fi.Money between $520 million and $565 million. Previously, Fi.Money raised $50 million in Series B at a $315 million post-money valuation in 2021, $12 million in Series A at $45 million, and $13.2 million in seed funding in 2020. The neobanking sector in India is projected to reach a $97 million market by 2025.
Jul 2022Series CAlpha Wave Global (lead)$45M$519MFi.Money is a Bengaluru-based neobank founded in 2019 by former Google Pay pioneers Sujith Narayanan and Sumit Gwalani, designed to address banking pain points for Indian consumers. The company raised $45 million in Series C funding led by Alpha Wave Global, valuing the company at $519 million. Previous lead investors included Sequoia Capital India, Ribbit Capital, and B Capital Group. The company subsequently raised an extension to its Series C in August 2022 with Singapore-based Temasek joining the round, bringing total expected fundraising to approximately $100 million. As of the initial Series C round in July 2022, Fi had previously raised $13.2 million in seed funding from Sequoia India and Ribbit Capital in 2021, and $12 million in Series A at a $45 million valuation in June 2021. Fi competes in the Indian neobanking segment alongside Jupiter, Razorpay, Open, Niyo, and FamPay, operating in a market with significant growth potential as the global neobanking market was expected to reach $333.4 billion by 2026.
Oct 2021Series BB Capital (lead); Qcm Holdings; Oceanview Capital Partners; Alpha Wave Global; Quiet Capital$50M$315MFi.Money, formerly known as epiFi, is a Bengaluru-based neobanking startup founded in 2019 by Sujith Narayanan and Sumit Gwalani, former Google Pay pioneers. It offers neobanking services targeting millennials in India, addressing banking pain points and competing with players like Jupiter, Razorpay, Open, Niyo, and FamPay in a global neobanking market projected to reach $333.4 billion by 2026. The neobanking segment saw increased investments in 2021 amid sector growth. The company raised $50 million in its Series B round in November 2021, with investors including B Capital Group, Falcon Edge (Alpha Wave Global), Sequoia Capital, and Ribbit Capital. This round valued Fi.Money at $315 million, marking a 7x increase from its prior Series A valuation of $45 million. Earlier, it secured $13.2 million in seed funding from Sequoia India and Ribbit Capital, followed by $12 million in Series A in June 2021. Following the Series B, Fi continued fundraising with $45 million from Alpha Wave Ventures in an ongoing Series C round, aiming for a total of $100 million at a $700 million valuation, with Temasek also participating. By July 2022, Fi's valuation reached $520 million in a Series C round. Overall funding across rounds totaled around $152 million including the early Series C tranche, later accumulating to $137.04 million over multiple rounds up to 2024.
Jun 2021Series A-$12M$163MFi.Money is a neobank offering digital bank accounts and financial guidance to working professionals aged 22-35 in India, with accounts powered by Federal Bank. The company raised $50 million in its second funding round in June 2021, led by B Capital with participation from Falcon Edge Capital, following a $13 million seed round from Ribbit Capital and Sequoia Capital, and an intermediate $12 million infusion, bringing total funding to $75 million. This round valued Fi at $315 million, a 7x increase from prior valuation. Fi plans to use the funds for customized products and hiring in its tech team. The platform had about one million waitlist applications, approving one in three or four, and processed three to four million monthly transactions.
Jan 2020SeedPeak XV Partners (lead); Ribbit Capital (lead); Hillhouse Investment; Rainmatter Capital; David Vélez; Kunal Shah$13M$50MFi.Money is a Bengaluru-based neobank founded in 2019 by former Google Pay India executives Sujith Narayanan and Sumit Gwalani. It launched its app-based banking service in partnership with Federal Bank in 2021, offering digital savings accounts and money management tools targeted at younger users. The company has served more than 3.5 million customers and completed over a billion transactions through its platform. Fi.Money raised its seed round from Peak XV Partners (formerly Sequoia Capital India), Ribbit Capital, and CRED founder Kunal Shah, with Alpha Wave and Temasek participating in subsequent rounds. Overall, it has raised approximately $137 million to $169 million across multiple rounds. As of 2026, Fi.Money is winding down its banking services and realigning to focus on deep technology and AI systems for startups and enterprises, phasing out some products.

Who has invested in Fi.Money?

12 investors have backed Fi.Money across its funding rounds, including Alpha Wave Global, Qcm Holdings, Peak XV Partners, Temasek, Hillhouse Investment and Ribbit Capital.

Lead investors include Alpha Wave Global, B Capital, Peak XV Partners and Ribbit Capital.


Fi.Money Investors

Investors in Fi.Money by funding rounds participated
InvestorHQRoundsRoleFirst check
Qcm HoldingsUnited StatesSan Francisco2ParticipantOct 2021
Alpha Wave GlobalUnited StatesMiami, FL2LeadOct 2021
TemasekSingaporeSingapore1ParticipantAug 2022
Hillhouse InvestmentSingaporeSingapore1ParticipantJan 2020
Ribbit CapitalUnited StatesSan Francisco, CA1LeadJan 2020
Rainmatter CapitalIndiaBangalore1ParticipantJan 2020
David VélezBrazilSão Paulo1ParticipantJan 2020
Oceanview Capital PartnersUnited StatesLos Angeles, CA1ParticipantOct 2021
B CapitalUnited StatesLos Angeles, CA1LeadOct 2021
Quiet CapitalUnited StatesSan Francisco, CA1ParticipantOct 2021

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Fi.Money Competitors

Fi.Money competitors include listed companies like Teamshares and Miroku Jyoho Service, and private ones like Clear, BFS Capital, Lulo Bank and Vivid.

Public and private companies comparable to Fi.Money
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ClearIndiaBangalorePrivate$25M-$700M28.0x
BFS CapitalUnited StatesFort Lauderdale, FLPrivate--$420M-
Lulo BankColombiaBogotáPrivate--$401M-
VividGermanyBerlinPrivate--$886M-
TeamsharesUnited StatesUnited StatesPublicly listed$472M($23M)$545M1.4x
Miroku Jyoho ServiceJapanJapanPublicly listed$315M$58M$396M1.1x

Fi.Money Public Comps

Fi.Money is still privately-owned, but its public comps include Teamshares, Rhino Bitcoin, Morrow Bank, Valu, Miroku Jyoho Service, Bank Jago, Green Dot, Nordtech Group, Lesaka Technologies and NewtekOne.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Teamshares$472M($23M)1.7x1.4x(35.0x)33.2x
Rhino Bitcoin$478K($417K)1242.8x-(1423.4x)-
Morrow Bank$137M-3.7x2.9x--
Valu$108M$22M4.1x7.0x20.2x-
Miroku Jyoho Service$315M$58M1.1x1.1x6.0x-
Bank Jago$145M-5.1x3.7x--
Green Dot$2.1B($12M)0.4x0.3x(63.9x)4.2x
Nordtech Group$72M$15M5.1x-25.2x-

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Common questions about Fi.Money

When was Fi.Money founded?Fi.Money was founded in 2019.
Where is Fi.Money headquartered?Fi.Money is headquartered in Bangalore, India.
Is Fi.Money publicly listed?No, Fi.Money is a private, VC-backed company.
What is Fi.Money's valuation?Fi.Money was last valued at $565M in its Series C in August 2022.
How much funding has Fi.Money raised?Fi.Money has raised $137M across 5 funding rounds.
What was Fi.Money's last funding round?Fi.Money's last funding round was a $17M Series C in August 2022.
Who are Fi.Money's investors?Fi.Money's investors include Qcm Holdings, Alpha Wave Global, Temasek, Hillhouse Investment, Ribbit Capital, Rainmatter Capital, David Vélez, Oceanview Capital Partners, B Capital, Quiet Capital and 2 others.
Which companies are comparable to Fi.Money?Companies comparable to Fi.Money include Clear, BFS Capital, Lulo Bank, Vivid, Teamshares and Miroku Jyoho Service.

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