Neobanking startup Fi raised $45 million in its ongoing Series C led by Alpha Wave Ventures. Fi’s board of directors has approved the distribution of 2,32,980 Series C Compulsory Convertible Preference Shares (CCPS) to the investor at an issue price of INR 15,239.38 per share in order to raise $45 million.
Neobank Fi aims to alleviate banking problems. Fi’s extended founding team hails from companies such as Netflix and PayPal, bringing decades of tech and banking experience to the table. Fi is constructing a digital layer over the traditional banking ecosystem and has made its Android app available to its 1 million users. In early 2022, the neobank also released its iOS app, which included features such as smart deposits, a digital financial assistant, a debit card, and many more.
