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Sunday, July 14, 2024

Fintech startup Fi secures $45M in Alpha Wave Ventures-led funding round

Fintech startup Fi has secured $45 million in a round of funding.  Alpha Wave Ventures led the round.

Fi, a Bengaluru-based fintech startup, has announced a $45 million funding round led by Alpha Wave Ventures.

This Series C round of funding comes after Fi raised $50 million in November 2021 at a valuation of $315 million. This round had the participation of B Capital Group and Falcon Edge.

According to the Series C financing details, Fi’s board of directors approved the allocation of 2,32,980 Series C Compulsory Convertible Preference Shares to Alpha Wave Ventures at an issue price of Rs 15,239.38 per share in order to raise Rs 355 crore ($45 million).

The platform that assesses a user’s financial health operates by constructing a digital layer over traditional banking ecosystems, allowing users to conduct all of their financial transactions, including peer-to-peer (P2P) payments, fund transfers, and bill payments, through its app.

Ex-Google Pay executives Sujith Narayanan and Sumit Gwalani founded the Bengaluru-based start-up, formerly known as epiFi, in 2019.

It aims to alleviate the banking woes of digital-first consumers such as working professionals and students.

Until early 2022, the company was focused on providing banking products in collaboration with Federal Bank, allowing customers to open a savings account, obtain a debit card, and open a fixed deposit via its app.

Fi announced plans to allow customers to invest in mutual funds (MF) in May 2022, as well as to launch a peer-to-peer lending product.

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