Indian neobank Fi collects second funding round this year

India-based neobank Fi has reportedly raised $50m in Series B funding, marking its second fundraise of the year.

The fresh equity injection was led by B Capital, according to a report from entrackr. Some of the other round participants include Oceanview Capital, Alpha Wave and QCM holdings.

This funding round could put Fi’s valuation at $250m, it said.

Fi stylises itself as a neobank for working professionals. Its app, which is available on Android and Apple devices, comes with a zero-fee savings account, with up to 5.1% interest terms.

Through the mobile app, users can easily track their spending, set reminders, cancel subscriptions and more.

Fi, which was previously known as EpiFi, previously raised $12m in its Series A round in June. Prior to that, the FinTech company secured $13.2m in seed funding back in January 2020.

Fellow India-based FinTech company Avanti Finance also closed funding this week. The company, which is a non-banking financial company aimed at boosting financial inclusion, raised $15m in Series A2 funding.

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