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India\u2019s neobank Fi<\/a> is discontinuing banking services on its platform more than four years after launching them in partnership with Federal Bank, directing customers to access their savings accounts through the bank\u2019s mobile app as it winds down the Fi interface.<\/p>\n Founded in 2019 by former Google Pay India executives<\/a> Sujith Narayanan and Sumit Gwalani, Fi launched<\/a> its app-based banking service in partnership with Federal Bank in 2021 to offer digital savings accounts and money management tools aimed at younger users. The Bengaluru-based startup says it has served more than 3.5 million customers and completed over a billion transactions through its platform. It counts investors including Ribbit Capital, B Capital, Alpha Wave Global, and Sequoia Capital India, which spun off as Peak XV Partners in 2023.<\/p>\n This week, though, customers who opened accounts through the Fi app received an email stating that banking services on the platform will soon be discontinued. The fintech said customers\u2019 savings accounts with Federal Bank will remain active and must now be accessed through the bank\u2019s mobile banking app, FedMobile.<\/p>\n \u201cThe banking services on the Fi app will soon be discontinued; however, your Savings Account with Federal Bank remains active and fully operational. Your funds remain completely safe and accessible at all times,\u201d the company said in the email, reviewed by TechCrunch.<\/p>\n In a separate email, Federal Bank told customers that its partnership with Fi was ending as part of a \u201cbusiness re-alignment,\u201d advising them to access their accounts through its own digital channels.<\/p>\n \u201cOur partnership with Fi is ending. Your account remains the same and only the channel through which it is accessed is changing,\u201d the bank said in the email.<\/p>\n Fi was competing with the likes of Jupiter, Open, and Slice. The startup has raised about $169 million across five funding rounds, per<\/a> Tracxn.<\/p>\n Techcrunch event<\/p>\n \n\t\t\t\t\t\t\t\t\tSan Francisco, CA<\/span> While the startup is vacating its primary business, the company has indicated that this is not a complete shuttering. Last month, Fi co-founder Narayanan said<\/a> in a LinkedIn post that the company was realigning its strategy to focus on building \u201cdeep technology\u201d and artificial intelligence systems for startups and large enterprises, adding that some products would sunset as part of the transition.<\/p>\n \u201cWe asked where we do our strongest work, and where we can build something that truly lasts. The answers kept pointing in one direction \u2013 deep technology, AI, and building complex systems for startups & large enterprises alike,\u201d Narayanan wrote.<\/p>\n TechCrunch independently confirmed that new users can no longer open savings accounts through the Fi app, which now displays a message saying the option is no longer available. However, Fi did not respond to requests for comment on its strategic shift and plans for the future. Federal Bank also did not respond to requests for comment.<\/p>\n<\/div>\n
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