India’s neobank Fi is discontinuing banking companies on its platform more than four years after launching them in partnership with Federal Monetary institution, directing potentialities to access their financial savings accounts during the bank’s mobile app because it winds down the Fi interface.
Founded in 2019 by broken-down Google Pay India executives Sujith Narayanan and Sumit Gwalani, Fi launched its app-basically based totally banking carrier in partnership with Federal Monetary institution in 2021 to present digital financial savings accounts and money management tools aimed at younger users. The Bengaluru-basically based totally startup says it has served more than 3.5 million potentialities and achieved over one billion transactions through its platform. It counts investors alongside with Ribbit Capital, B Capital, Alpha Wave World, and Sequoia Capital India, which spun off as Peak XV Companions in 2023.
This week, even supposing, potentialities who opened accounts during the Fi app received an electronic mail citing that banking companies on the platform will quickly be discontinued. The fintech acknowledged potentialities’ financial savings accounts with Federal Monetary institution will remain active and must now be accessed during the bank’s mobile banking app, FedMobile.
“The banking companies on the Fi app will quickly be discontinued; alternatively, your Savings Legend with Federal Monetary institution remains active and totally operational. Your funds remain entirely protected and accessible the least bit cases,” the corporate acknowledged in the electronic mail, reviewed by TechCrunch.
In a separate electronic mail, Federal Monetary institution suggested potentialities that its partnership with Fi used to be ending as a part of a “industry re-alignment,” advising them to access their accounts through its hold digital channels.
“Our partnership with Fi is ending. Your fable remains the identical and simplest the channel wherein it is far accessed is altering,” the bank acknowledged in the electronic mail.
Fi used to be competing with the likes of Jupiter, Birth, and Sever. The startup has raised about $169 million across five funding rounds, per Tracxn.
Techcrunch event
San Francisco, CA
|
October 13-15, 2026
While the startup is vacating its predominant industry, the corporate has indicated that right here is now not a full shuttering. Final month, Fi co-founder Narayanan acknowledged in a LinkedIn submit that the corporate used to be realigning its technique to focal level on constructing “deep technology” and synthetic intelligence programs for startups and monumental enterprises, adding that some merchandise would sunset as a part of the transition.
“We requested where we fabricate our strongest work, and where we can invent one thing that if truth be told lasts. The answers saved pointing in one course – deep technology, AI, and constructing complex programs for startups & monumental enterprises alike,” Narayanan wrote.
TechCrunch independently confirmed that new users can no longer open financial savings accounts during the Fi app, which now displays a message asserting the probability is no longer accessible. Nonetheless, Fi did now not acknowledge to requests for declare on its strategic shift and plans for the long term. Federal Monetary institution also did now not acknowledge to requests for declare.
Jagmeet covers startups, tech protection-related updates, and all other predominant tech-centric traits from India for TechCrunch. He beforehand worked as a well-known correspondent at NDTV.
You might per chance well per chance additionally contact or check outreach from Jagmeet by emailing mail@journalistjagmeet.com.
Take a look at out Bio
