Tag: Sujith Narayanan

Business World, News

Neobank Fi announces launch in India

Apr 23, 2021 by Rekha Nair 0 Comments #CEO & Cofounder, #Chief Operating Officer and Business Head - Retail, #Executive Director, #Federal Bank, #Fi, #Ms. Shalini Warrier, #Sujith Narayanan

Bengaluru: Bengaluru-based neobank for salaried millennials Fi has announced its launch today. Fi was established with a strong purpose 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. Fi has partnered with Federal Bank to issue an instant savings account, equipped with a debit card, in under 3 minutes.

Founded in 2019, Fi is the brainchild of ex-Googlers who pioneered Gpay, Sujith Narayanan and Sumit Gwalani. 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.

Commenting on the launch, 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. We look forward to delivering a first-of-its-kind, personalised, flexible and transparent banking experience and building long-term customer relationships.”

Speaking on the occasion, Ms. Shalini Warrier, Executive Director, Chief Operating Officer and Business Head – Retail, Federal Bank said, “We are delighted to be the sole partner Bank for this innovative neobank, Fi. The entire proposition brings together the best of what both entities have to offer. The slick customer experience via the app is complemented with 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”.

The app listens to customer needs, understands their wants, and gently nudges them to achieve their money aspirations. Every aspect of Fi’s design minimises friction for the digital-first generation. The Fi app is one-of-a-kind in its approach, as its users will earn rewards for saving money as well – unlike the market.

Some of Fi’s unique features include:

AskFi: An intelligent financial assistant that answers financial questions, provides nudges, reminders and is enabled to do money-related tasks

Fit Rules: Automatically save, pay or set reminders based on external events, triggers and the user’s terms

Stash: A flexible deposit product that pays higher interest and allows users to withdraw money at any time. A combination of RD / FD without the usual restrictions

Pay Protocol: No more choosing between UPI, NEFT, IMPS or IFS code hunts. All intelligently managed

Money-Plant: Built on the premise of ‘choice’ and rewards for better financial habits

Smart Statements: A simple, visual statement of the user’s money

Fi’s team of experts – from Google, Netflix, PayPal, and others – distil decades of tech & banking wisdom into Fi. The company is funded by Sequoia India and Ribbit Capital.

Business World

Neobank Fi Launched in Partnership with Federal Bank

Apr 23, 2021 by Neel Achary 0 Comments #CEO & Cofounder, #Chief Operating Officer and Business Head - Retail, #Executive Director, #Federal Bank, #Fi, #Ms. Shalini Warrier, #Sujith Narayanan

Mumbai: 23 April 2021, Bengaluru-based neobank for salaried millennials Fi has announced its launch today. Fi was established with a strong purpose 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. Fi has partnered with Federal Bank to issue an instant savings account, equipped with a debit card, in under 3 minutes.

Founded in 2019, Fi is the brainchild of ex-Googlers who pioneered Gpay, Sujith Narayanan and Sumit Gwalani. It offers an interactive, personalized, 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 organize their funds. Fi aims to assist a consumer’s financial journey beyond digital payments to other services — insurance, lending, and investment opportunities.

Commenting on the launch, 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. We look forward to delivering a first-of-its-kind, personalized, flexible and transparent banking experience and building long-term customer relationships.”

Speaking on the occasion, Ms. Shalini Warrier, Executive Director, Chief Operating Officer and Business Head – Retail, Federal Bank said, “We are delighted to be the sole partner Bank for this innovative neobank, Fi. The entire proposition brings together the best of what both entities have to offer. The slick customer experience via the app is complemented with 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”.

The app listens to customer needs, understands their wants, and gently nudges them to achieve their money aspirations. Every aspect of Fi’s design minimises friction for the digital-first generation. The Fi app is one-of-a-kind in its approach, as its users will earn rewards for saving money as well – unlike the market.

Some of Fi’s unique features include:

o AskFi: An intelligent financial assistant that answers financial questions, provides nudges, reminders and is enabled to do money-related tasks

o Fit Rules: Automatically save, pay or set reminders based on external events, triggers and the user’s terms

o Stash: A flexible deposit product that pays higher interest and allows users to withdraw money at any time. A combination of RD / FD without the usual restrictions

o Pay Protocol: No more choosing between UPI, NEFT, IMPS or IFS code hunts. All intelligently managed

o Money-Plant: Built on the premise of ‘choice’ and rewards for better financial habits

o Smart Statements: A simple, visual statement of the user’s money

Fi’s team of experts – from Google, Netflix, PayPal, and others – distil decades of tech & banking wisdom into Fi. The company had raised $13.5 million in its seed round led by Sequoia India and Ribbit Capital.

Business World

Fintech startup Fi is looking for 21 Chief Broke Officers

Mar 12, 2021 by Neel Achary 0 Comments #CEO & Cofounder, #Fi, #Sujith Narayanan

Mumbai, March 12, 2021: Fi, a neobank for salaried millennials with a strong purpose to help people get better with money, has rolled out a first-of-its-kind consumer awareness campaign called ‘Chief Broke Officer’ on LinkedIn.

Via its recent LinkedIn post, Fi is inviting applications for the unique role of ‘Chief Broke Officer’ (CBO) where the only qualification that interested candidates need to have is a broken relationship with money!

CBO is a voluntary and virtual role introduced by Fi specifically to help people know, grow and organise their money. Applicants will get early access to the Fi App which comes with an in-built savings account and a full suite of cool features.

Fi is looking for 21 CBOs through this campaign, each of whom will be paid to fix their broken relationship with money. The brand will match the CBO’s current salary and provide an extra month’s salary (up to INR 1 lakh). The responsibilities of a CBO include opening a Fi savings account, testing Fi’s app and sharing feedback.

Elaborating on the campaign, Sujith Narayanan, CEO & Cofounder, Fi said, “Fundamentally we all like money; we make money, we spend money. But more often than not, that’s where it stops. We don’t understand our money, where it goes, what to do with it or how to grow it. We run to our parents, chartered accountants, and anyone else willing to help us with it. We crib every tax season or every time we end up buying a mediocre financial product. We ask ourselves the same questions around money month after month, year after year no matter how many hikes we get. Perhaps it’s time to take charge of our money. The objective of introducing the role of Chief Broke Officer was to call attention to our broken relationship with money. For us, it was also a way of introducing our features and waitlist to interested users. An unconventional approach but definitely one that helps both of us. You & Fi. We have received thousands of applications for the role so far and have noticed some interesting conversations on social media around the campaign.”

This fictitious job application is open to working professionals anywhere in India with 1-15 years of experience who are confused by financial jargon. Fi’s ideal CBO candidates need to be ‘active procrastinators’ about money matters, skilled in the art of working hard and spending harder and collaborative when it comes to handing over money decisions to family and friends!

Interested candidates who identify with the above job description can apply to be a CBO on fi.money/cbo and get screened for the role.