Fi.Money
Fi.Money (Epifi Technologies) is a Bangalore-based fintech that operated a mobile-first neobanking platform serving 3.5M+ Indian consumers with savings, debit cards, US investing, mutual funds, and AI-powered financial tools. It is pivoting from B2C neobanking to B2B AI and enterprise technology.
- Company typePrivate
- Founded2020
- HeadquartersBangalore, India
- Headcount251–500
- GTM typeB2C
- OfferingServices
What Fi.Money does
Fi.Money (Epifi Technologies Private Limited) is an Indian fintech headquartered in Bangalore that operated a mobile-first neobanking platform serving over 3.5 million consumers. Founded in 2019-2020, the company offered a Federal Bank-partnered savings account, VISA Platinum debit card, US stock investing via Alpaca Securities, mutual funds through Epifi Wealth, and personal loans. Its core technology centered on a mobile banking app with embedded AI capabilities including Ask.Fi (a conversational financial assistant), FIT Rules (automated financial rules engine), and Wealth Tracker (a portfolio and net-worth aggregator).
The business model relied on revenue from personal loan referrals, interchange and forex margins on international debit-card spending, mutual fund distribution fees, and US stock trading commissions. As of FY23 (year ending March 2023), operating revenue was ₹38 crore (~$4.6M), having more than doubled year-over-year but offset by net losses of ₹301 crore that widened 20% versus FY22. The company raised approximately $169 million in equity across multiple rounds from 2020-2022, reaching a peak valuation of $536 million in October 2022, led by Alpha Wave, Temasek, and QCM with participation from Peak XV (formerly Sequoia India), B Capital, Falcon Edge, Hillhouse, Ribbit, and Rainmatter.
In February 2026, Fi Money announced a strategic pivot from consumer neobanking to selling AI and deep-technology solutions to startups and large enterprises, shutting down banking services in March-April 2026 and laying off approximately 40% of its workforce. Cofounder Sumit Gwalani departed in May 2026. The pivot signals a defensive restructuring of a capital-intensive B2C model that failed to reach profitability despite reaching 3.5M+ users.
Fi.Money firmographics
Firmographics- Name
- Fi.Money
- Legal name
- Epifi Technologies Private Limited
- Website
- https://fi.money
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Fi.Money (Epifi Technologies) is a Bangalore-based fintech that operated a mobile-first neobanking platform serving 3.5M+ Indian consumers with savings, debit cards, US investing, mutual funds, and AI-powered financial tools. It is pivoting from B2C neobanking to B2B AI and enterprise technology.
- Ownership category
- akta.pro rank
Fi.Money industry classification
Industry- Product category
- Digital Banking
- NAICS
- Credit Intermediation and Related Activities (522), Depository Credit Intermediation (5221)
- SIC
- Finance Services (6199), Functions Related To Depository Banking, Nec (6099)
- akta.pro primary industry
- Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF)
- akta.pro secondary industries
- Net Worth & Personal Balance Sheet Tracking (FSAGADAF), Fintech & Payments Partner / ISO Referral Networks (FSAEAMAK)
Keywords
Where Fi.Money is headquartered
LocationHeadquarters
- HQ city
- Bangalore
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
Fi.Money business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Lending Partnerships: Fi earns referral/commission fees from lending partners (Bajaj Finserv, Kissht, Respa, etc.) when users take personal loans through the platform. Processing fees range from 1-4% of loan amount charged by lending partners.
- US Stock Trading: Revenue generated from foreign exchange margins when users purchase US stocks. Zero brokerage fees but Fi earns from forex conversion spreads.
- Mutual Fund Distribution: Fi offers commission-free direct mutual funds through its SEBI-registered investment advisor Epifi Wealth. Revenue model is not explicitly disclosed but likely includes advisory fees or distributor commissions.
- Enterprise/B2B Technology: Following the 2026 pivot, Fi is building AI and deep technology solutions for startups and large enterprises, representing a new revenue stream.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | US Stock Trading - Zero brokerage with forex margins |
| Unit Pricing | Pay-as-you-go | Mutual Fund SIPs starting at ₹100 |
| Usage-based | Monthly | Personal loan interest rates from 12.75% p.a. |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Fi.Money product offering
Product offeringCore offering
Fi.Money is an India-based neobanking mobile platform offering a Federal Bank-powered digital savings account, VISA Platinum debit card, instant personal loans, US stock investing (via Alpaca Securities), and commission-free mutual funds (via Epifi Wealth). The app layers an AI-powered financial assistant (Ask.Fi) and automation rules (FIT Rules) on top of partner-bank infrastructure. The company shut down consumer banking services in March 2026 and has pivoted toward AI and B2B enterprise technology solutions.
Product overview
Fi.Money is a neobanking platform that offers a unified mobile application integrating multiple financial products centered around a Federal Bank savings account. The core offering consists of the savings account, VISA Platinum debit card, and personal loans, while investment products include US stocks (via Alpaca Securities) and mutual funds (via Epifi Wealth). The platform differentiates through AI-powered features like Ask.Fi (financial assistant) and FIT Rules (automation), supplemented by financial calculators and wealth tracking. Note: Fi.Money shut down its banking services in March 2026 as part of a pivot to AI and enterprise technology.
Differentiator
Problem solved
Functional benefit
Brands
- Ask.Fi: AI-powered financial assistant feature within the Fi app that provides transaction insights, spending analysis, and automated financial guidance.
- FIT Rules
Products and services
- Federal Bank Savings Account via Fi Digital savings account hosted by Federal Bank, with instant activation, zero hidden charges, and 0% forex mark-up on international transactions. Targeted at Indian consumers; accounts insured up to ₹5 lakh under DICGC. Service shut down for new accounts in March 2026.
- Fi Debit Card (VISA Platinum) Physical VISA Platinum debit card issued through the Federal Bank partnership, enabling ATM withdrawals, POS transactions, and international payments with zero forex mark-up on select plans.
- Instant Personal Loans Personal loans up to ₹10 lakh with 100% digital application and disbursal, offered via lending partners (Bajaj Finserv, Kissht, MoneyView, Respa, IDFC First Bank). Interest rates start from 1.06% per month (12.75% p.a.) with 1-4% processing fees.
- US Stocks Investment Investment platform enabling Indian users to buy and sell US-listed stocks (Apple, Microsoft, Tesla, Netflix, etc.) with zero brokerage fees and fractional shares starting at ₹100, powered by Alpaca Securities LLC (FINRA-registered broker). Revenue is earned from foreign exchange conversion spreads.
- Mutual Funds Commission-free direct mutual fund platform offering 800+ funds with SIPs starting at ₹100, zero commission, and no penalties for missed payments. Powered by Epifi Wealth, a SEBI-registered investment advisor (INA200015185).
- Ask.Fi AI-powered natural language financial assistant that answers account queries, provides transaction insights and personalized spending analysis across bank accounts and merchants, and executes commands such as payments, statements, and investments.
- FIT Rules Automation rules engine that automatically moves money from savings to mutual funds or jars based on user-defined triggers such as round-up transactions, scheduled savings, or spending patterns.
Quantifiable outcome
- ₹40 crore+ saved in forex fees by users
- +4 more outcomes
Companies that use Fi.Money
Customer profileNamed customers4 records
Segments2 records
Ideal customer profiles3 records
Fi.Money technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
AI capability4 records
Feature5 records
Fi.Money partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core.
- Federal BankcoreBanking partner hosting savings accounts and following all security standards per applicable regulations. Fi is not a bank and doesn't hold a banking license. Money is insured up to ₹5 lakh under DICGC scheme. Partnership ended in March 2026 with customer transition to FedMobile app.
- VisacoreVisa provides the payment network infrastructure for Fi's debit cards, enabling domestic and international transactions. Partnership includes co-branded Visa Platinum debit cards with zero forex mark-up on select plans.
- Alpaca Securities LLCcoreUS-registered stock broker (FINRA member) facilitating US stock trading for Fi users. Alpaca buys and holds stocks on behalf of users, enabling zero-commission investing in Apple, Microsoft, Tesla, Netflix, and other US stocks.
- NPCI (National Payments Corporation of India)coreNPCI operates the UPI infrastructure that enables Fi's instant payment services. Critical payment rails for the neobanking platform.
- Epifi WealthcoreSEBI-registered investment advisor (INA200015185) providing regulatory framework for mutual fund investments on the platform. Powers the zero-commission mutual fund offering.
Scale indicators6 records
Recent moves6 records
Expansion highlights3 records
Fi.Money competitors and assessment
Company assessmentDirect peers
- Open Financial Technologies: India-based neobanking platform providing business banking, current accounts, and fintech APIs—comparable in banking-partner model and target on tech-forward Indian consumers/SMBs.
- Niyo: India-focused digital banking platform offering savings accounts, forex cards, and investment products through partner banks—directly comparable to Fi's pre-pivot banking-as-a-service stack with Federal Bank.
- Jupiter: Indian consumer neobank offering a zero-balance savings account, UPI payments, mutual funds, and bill management—closely comparable to Fi's pre-pivot product suite targeting digitally-savvy millennials.
- Zolve: Cross-border digital banking platform for Indians moving abroad, offering savings, forex, and credit—comparable in zero-forex-mark-up positioning and partner-bank architecture.
- Slice: Indian fintech offering credit cards, lending, and UPI payments to millennials—comparable to Fi's lending and payments features, though more credit-card centric.
Broad incumbents
- Razorpay: India's leading payments and banking-as-a-service provider; broader fintech incumbent offering current accounts, payouts, and lending rails—comparable technology layer but serving merchants/SMBs as well as consumers.
- Paytm Payments Bank: Larger Indian digital banking incumbent offering savings accounts, UPI, debit cards, and lending—broadly overlapping Fi's consumer fintech stack but at significantly greater scale.
Emerging players
- KreditBee: Indian digital lending platform offering personal loans to salaried and self-employed professionals—comparable to Fi's lending marketplace and instant personal loan product.
- Uni Cards: Indian fintech focused on credit cards and pay-later products for young professionals—partially overlapping Fi's debit card plus lending proposition.
Others
- Setu: India-based fintech API infrastructure provider offering account aggregator, BBPS, and payments APIs—adjacent infrastructure peer relevant to Fi's pivot into B2B fintech technology services.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Fi.Money social profiles
Digital presenceFi.Money compliance and trust
Trust signalCompliance2 records
Fi.Money financial estimates
Financial estimateRevenue estimate
Valuation estimate
Fi.Money leadership team
Management profileNumber of profiles
Profiles1 record
Fi.Money subsidiaries and ownership
Company hierarchySubsidiaries1 record
Fi.Money funding detail
Funding detailFunding overview
Funding rounds5 records
Investors12 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Fi.Money M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Fi.Money
What does Fi.Money do?
Fi.Money is an India-based neobanking mobile platform offering a Federal Bank-powered digital savings account, VISA Platinum debit card, instant personal loans, US stock investing (via Alpaca Securities), and commission-free mutual funds (via Epifi Wealth). The app layers an AI-powered financial assistant (Ask.Fi) and automation rules (FIT Rules) on top of partner-bank infrastructure. The company shut down consumer banking services in March 2026 and has pivoted toward AI and B2B enterprise technology solutions.
Is Fi.Money a public or private company?
Fi.Money is a private company. It is classified as venture growth investor backed and is currently operating.
When was Fi.Money founded?
Fi.Money was founded in 2020. It employs 251 to 500 people.
Where is Fi.Money based?
Fi.Money is headquartered in Bangalore, India, in the Asia region.
How does Fi.Money make money?
Four revenue lines are on record. Lending Partnerships are the primary driver. The others are US Stock Trading, mutual Fund Distribution and enterprise/B2B Technology.
Who are Fi.Money's main competitors?
Direct peers on record are Open Financial Technologies, Niyo, Jupiter, Zolve and Slice. Broad incumbents are Razorpay and Paytm Payments Bank. Emerging players are KreditBee and Uni Cards. Setu is listed as an others.
Does Fi.Money have an API?
No public API is recorded for Fi.Money.
What industry is Fi.Money in?
Fi.Money's product category is Digital Banking. Its primary akta.pro industry code is FSAGAAAF, Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P), with a secondary code of FSAGADAF, Net Worth & Personal Balance Sheet Tracking. Its NAICS code is 522 and its SIC code is 6199.