Neobank Fi closes banking services on its platform
12 Mar 2026, 04:48 PMFi had launched banking services in partnership with Federal Bank in 2021.
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Neobank startup Fi, which is backed by venture capital firms including Peak XV Partners, has shut down digital banking services on its platform, instead directing users to access them through partner Federal Bank's digital banking channels.
The fintech startup informed its customers over email that the savings deposits they made through its platform were now no longer accessible there, but could be safely managed through its partner bank's mobile app, media reports said.
Fi had launched banking services in partnership with Federal Bank in 2021.
This development comes after Fi's cofounder Sujith Narayan suggested last month that his company will be closing some products to realign itself away from digital first consumer banking, its earlier focus.
"We asked where we do our strongest work, and where we can build something that truly lasts. The answers kept pointing in one direction - deep technology, AI, and building complex systems for startups & large enterprises alike," Narayan said in a LinkedIn post in February.
Fi was founded in 2019 by Narayan and Sumit Gwalani with the goal of making digital first banking ‘more thoughtful and human’ for users. It brought in simpler onboarding processes, used gamification to encourage saving practices, and promoted financial literacy amongst its user base of mostly young Indian users.
Fi has raised $169 million over multiple rounds from investors, as per Tracxn data. Apart from Peak XV Partners, other investors in the startup include Ribbit Capital, B Capital and Alpha Wave Global.
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