Indian neo banking startup Fi is reportedly in talks to raise nearly $50m at a valuation of approximately $200m.
Fi is in talks with Falcon Edge Capital and B Capital to lead the round, Money Control has reported citing people familiar with the matter.
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Fi’s existing investors Sequoia India, Ribbit Capital and Hillhouse Capital will also join the round, they added.
The app-only banking startup offers digital-only bank accounts in partnership with Federal Bank as it does not own a banking license.
It was set up in Bangalore in May 2019 by Google Pay executives Sujith Narayanan and Sumit Gwalani.
In January 2020, Fi, which was previously called EpiFi, raised $13.2m through a seed funding round that valued it to nearly $50m
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By GlobalDataSequoia India and Ribbit Capital led the seed funding round.
Hillhouse Capital and angel investors, including Nubank founder David Velez and CRED founder and CEO Kunal Shah also participated in the round.
Fi’s target market includes working professionals. Its direct competitors include digital banking startups such as Jupiter, which is also funded by Sequoia.
In August this year, Jupiter raised approximately $44m in a Series B funding round at a valuation of more than $300m.
The 100% digital lender has partnered with Federal Bank, Visa, and National Payments Corporation of India to offer services such as savings account, debit cards and buy now pay later on UPI.
