Neobank Fi raises $50 mn led by Facebook Co-founder’s B Capital

Editorial Desk
3 Min Read

Neobanking startup Fi (formerly epiFi) has raised around $50 million in what seems to be a Series B spherical LED by B Capital. this can be the second raise for the Bengaluru-based startup in 2021. In June, it had raised a $12 million Series A spherical.

Fi has approved the allotment of one equity and three,90,531 Series B CCPS at a face worth of Rs ten and a premium of Rs nine,485.25 per share to lift Rs 370.81 large integer or getting ready to $50 million, regulative filings with mythical monster show.

B Capital has spearheaded the spherical with Rs 148.33 large integer followed by the Las Vegas-based Ocean read Capital that has place in Rs 111 large integer. cortical potential and Qcm Holdings have invested with Rs 74.16 large integer and Rs 37.08 large integer severally.

Fi was reportedly in talks to lift a brand new spherical at a valuation of $250 million.

As per Fintrackr’s estimates, the corporate has been valued at around $325 million. the corporate was valued at $160-165 million throughout its Series A spherical in June.

Founded by former Google Pay executives Sujith Narayanan and Sumit Gwalani, the two-year-old startup provides millennial-focused digital banking solutions together with saving accounts and charge account credit facilities.

Following the allotment of recent shares, the collective holding of Narayanan and Sumit Gwalani has been diluted to forty.66%. Lead capitalist B Capital has exaggerated its holding to six.40% within the company. redwood and Ribbit Capital stay the most important stakeholders among investors, dominant thirteen.18% stake every.

The complete property pattern of Fi is seen below.

According to Fintrackr’s estimates, Fi has recorded zero operative revenue in FY21 and this can be not shocking because the company is in an exceedingly pre-revenue stage and chasing growth [accounts] in the least prices. Even in FY20, it announce zero operational revenue.

On the lines of its competition like NiYO, Juno and recently launched Jupiter, the corporate appears to not have any immediate plans to legitimatise. Fi’s losses had surpassed Rs fifty large integer in FY21 and this burn is probably going to multiply in FY22 furthermore.

Share This Article