Fi.Money

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.

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

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

• Digital banking app
• Neobanking platform
• Savings account online
• Personal loan marketplace
• Mutual fund investing

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. 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.
2. US Stock Trading: Revenue generated from foreign exchange margins when users purchase US stocks. Zero brokerage fees but Fi earns from forex conversion spreads.
3. 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.
4. 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

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core 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

Named customers4 records

Segments2 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability4 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core.

• Federal BankcoreStrategic or Co-development PartnerBanking 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.
• VisacoreTechnology or IntegrationVisa 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 LLCcoreTechnology or IntegrationUS-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)coreTechnology or IntegrationNPCI operates the UPI infrastructure that enables Fi's instant payment services. Critical payment rails for the neobanking platform.
• Epifi WealthcoreTechnology or IntegrationSEBI-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

Direct 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

• LinkedInlinkedin.com/company/fi-money
• Xx.com/Bank_on_Fi

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fi.Money