Money & Banking

Neobank Fi partners with Federal Bank to open instant savings account

Our Bureau Kochi | Updated on April 27, 2021

The savings account, to be issued in three minutes, is aimed at digital-first millennials

Fi, the Bengaluru-based neobank for salaried millennials, has announced its partnership with Federal Bank to issue an instant savings account equipped with a debit card, in three minutes.

Fi was established to help people get better with money and to create an intelligent bank layer that helps millennials understand their money, save more and spend intelligently, a release issued here said.

Neo bank — the new disruptor on the block

Founded in 2019, Fi is the brainchild of ex-Googlers who pioneered Gpay. It offers an interactive, personalised, and transparent digital banking experience. Users gain access to a new-age savings account and money management tools with features that help users know their money, grow their money and organise their funds. Fi aims to assist a consumer’s financial journey beyond digital payments to other services — insurance, lending, and investment opportunities. according to the release.

Fintech and banking

Sujith Narayanan, CEO & Cofounder, Fi, said, “We are excited to introduce a proposition that reimagines the way digital-first millennials perceive and interact with their money. Fi aims to be a meaningful partner in their money aspiration journey, enabling them to simplify finances and de-mystify savings. Our platform leverages cutting-edge tech and data science for deriving actionable insights that empower users to take control and do more with their finances”.

Federal Bank to launch credit cards in next few months

Shalini Warrier, Executive Director, Chief Operating Officer and Business Head - Retail, Federal Bank, said the partnership brings together the best of what both entities have to offer. Smooth customer experience via the app is complemented by the stability, safety and technological prowess of Federal Bank. “We are confident that the salaried millennial will welcome this unique digital experience. The best of both worlds – fintech and banking – will be served on a platter to the customers”.

Published on April 27, 2021

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