Bangalore-based neobanking startup Fi has raised $45 million in its ongoing Series C funding round led by Alpha Wave Ventures. Alpha Wave Ventures is the existing investor in the neobanking startup.
According to the reports, Fi’s board has passed a resolution to allot 2,32,980 Series C Compulsory Convertible Preference Shares (CCPS) to the investor at an issue price of Rs 15,239.38 per share to raise Rs 355 crore ($45 Mn).
The development comes nine months after it raised $50 million in a Series B round from Quiet Capital, B Capital Group, and Alpha Wave Global, among others. The current raise brings its total funding amount to over $120 million.
As per Fintrackr’s estimates, Fi has raised the fresh capital at a post-money valuation of $520 million. The report further added the startup is likely to raise more funds in this round and the valuation may vary accordingly.
Founded in 2019 by former Google Pay executives Sujith Narayanan and Sumit Gwalani, Fi says it is building a digital layer over the traditional banking ecosystem. The startup launched its iOS app in early 2022 with features such as smart deposits, a digital financial assistant, a debit card, and many more. Currently, its Android app has more than 5 million downloads.
Fi competes with other neobanking startups such as Jupiter, Niyo, and Digibank, among others. Earlier this week, Niyo raised $30 million in funding from Mumbai-based private equity firm Multiples Alternate Asset Management Pvt Ltd.