As per the announcement, this licence will enable Fi to provide loans from its own books. With this development, Fi has joined the ranks of Jupiter, Groww, and Cred, all of whom entered the lending arena either by obtaining a new license or by acquiring another NBFC.
Officials from Fi stated that the licence grants it access to multiple direct integrations with bureaus and risk databases, enhancing its product in numerous ways. With this capability, Fi can explore lending opportunities independently, free from external dependencies. Moreover, it lays the foundation for obtaining additional licences.
This development coincides with a period where fintech startups have been actively pursuing NBFC licenses from India's banking regulator.
More about Fi
In 2022, Fi announced it had raised USD 45 million in a Series C funding round led by Alpha Wave Ventures. Singapore’s Temasek was also in talks to invest in the round.
The series C funding round deliberation comes just five months after the startup raised about USD 50 million in a round led by B Capital Group. That round valued Fi, formerly known as EpiFi, at USD 315 million.
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