Fintech Fi raises USD 35 mln in funding

The Series A funding round was led by Alpha Wave Ventures.

The latest funding comes after the startup had raised USD 50 million at a valuation of USD 315 million in November 2021. This round was led by Alpha Wave Ventures in addition to B Capital Group and Falcon Edge from an earlier interim round with existing investors Sequoia Capital and Ribbit Capital.

As per the Series C financing details, Fi’s board had passed a resolution to allot 2,32,980 Series C Compulsory Convertible Preference Shares to Alpha Wave Ventures at an issue price of USD 191 per share to raise USD 45 million.

Fi’s purpose

The platform that checks the user’s financial health works by building a digital layer over traditional banking ecosystems allowing users to conduct all their financial transactions, including peer-to-peer (P2P) payments, fund transfers, and bill payments on its app.

The startup, formerly called epiFi, was founded in 2019 and it aims to address the banking pain points of digital-first consumers like working professionals and students.

Until early 2022, the firm was focused on providing banking products in partnership with Federal Bank which would allow customers to open a savings account, get a debit card, and open a fixed deposit through its app.

In May 2022, Fi announced its plans to allow customers to invest in mutual funds (MF) while also planning to launch a P2P lending product.