Federal Bank announced a partnership with Fi, a Bengaluru-based neobank for salaried millennials, on Thursday. Fi was established in 2019 by ex-Googlers Sujith Narayanan and Sumit Gwalani, who pioneered Gpay.
The collaboration will allow for the creation of a savings account with a debit card in under three minutes. Every element of Fi’s architecture is intended to reduce friction for the digital-first generation. The Fi app takes a unique approach in that its users can win incentives for saving money as well – unlike the industry.
“Our platform leverages cutting-edge engineering and data science to derive actionable insights that enable users to take control and do more with their finances,” said Sujith Narayanan, CEO, and co-founder of Fi. We look forward to providing a one-of-a-kind, personalized, scalable, and open banking experience and developing long-term customer relationships.”
“We are pleased to be the sole partner bank for this creative neobank, Fi,” said Shalini Warrier, executive director, COO, and business head – retail at Federal Bank. The overall proposition combines the best of what both organizations have to do. The app’s slick consumer experience is complemented by Federal Bank’s security, protection, and technical prowess.”
The app listens to the needs of the consumer, respects their desires, and gently nudges them toward their financial goals. Every element of Fi’s architecture is intended to reduce friction for the digital-first generation. The Fi app takes a unique approach in that its users can win incentives for saving money as well – unlike the industry. Fi was founded with a clear goal in mind: to help people get better with money and to build an intelligent bank layer that helps millennials understand their money, save more, and spend wisely. Fi has teamed up with Federal Bank to have instant savings account with a debit card in under 3 minutes.