Former Google Pay executives startup Fi raises $50 million led by investors

Fi, a new-age, app-only banking startup founded by former Google Pay executives, said on November 1 that it has raised $50 million in a round led by B Capital and Falcon Edge Capital, valuing the two-year-old startup at $315 million.

Fi, founded by Sujith Narayanan and Sumit Gwalani, offers a zero-balance savings account aimed at working professionals to simplify their banking and savings. While it was invite-only until recently, it has now opened up to all users.

"The feedback from users has been encouraging and the app has been well received. We have been focused on delivering a banking experience for digital natives that reflects their personality: simple, smart, fun and flexible. So, we are going to continue to build on our proposition through ecosystem partnerships and new offerings," Narayanan said.