Indian neobank Fi pivots to enterprise AI and deep tech

Fi, an Indian neobank—defined as a digital-only bank that operates without physical branches—is discontinuing banking services on its platform. The Bengaluru-based company is winding down its consumer interface, meaning customers must now access their savings accounts through Federal Bank’s mobile app, FedMobile. Federal Bank, which served as the partner bank for Fi’s banking services, attributed the end of the partnership to a “business re-alignment,” which refers to a corporate restructuring or strategic pivot. Both entities have assured customers that their underlying savings accounts remain active, safe, and fully operational. Fi notified customers that while its app-based services will soon be discontinued, their funds remain completely safe and accessible at all times, with only the digital channel used to access them changing.

The startup was founded in 2019 by former Google Pay India executives Sujith Narayanan and Sumit Gwalani, and it launched its app-based banking service in 2021. Since its launch, Fi has served more than 3.5 million customers and completed over a billion transactions. To fund its operations, the company raised about $169 million across five funding rounds. Its backers include investors such as Ribbit Capital, B Capital, Alpha Wave Global, and Peak XV Partners, which was formerly known as Sequoia Capital India before spinning off in 2023. In the consumer market, Fi competed against other Indian fintech firms including Jupiter, Open, and Slice.

Instead of continuing its consumer-facing operations, Fi is realigning its strategy. According to co-founder Sujith Narayanan, the company will focus on building deep technology—which refers to advanced technology based on substantial scientific advances or meaningful engineering innovation—and artificial intelligence systems for startups and large enterprises. Explaining the transition, Narayanan stated: “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,“

Why it matters

Fi’s exit from consumer banking highlights the challenges of scaling neobanks in India’s crowded fintech market, prompting a strategic pivot toward B2B enterprise software where the company sees more sustainable growth.