B Capital, Falcon Edge invest $50 mn in Fi
Summary
Fis founders are ex-Googlers who pioneered GPaySujith Narayanan and Sumit Gwalani. Fi has built an app that is a savings-friendly product that aims to simplify finances for working professionals.We have observed that there is inertia towards saving among digital natives. We will also focus on multiple different areas and will launch investment products for our customers, he added.Fi is also part of the account aggregator system launched by RBI and will soon be launching services for its customers to connect every single bank account to the Fi app, which will help them access the same insights that Fi today provides for its bank accounts, Gwalani said.Fis core focus is providing its customers with better and actionable insights on their spending behaviour and helping them save money by innovative ways to nudge them towards savings.Our vision is to help demystify finances for the users and help normalize their savings. So, we introduced the concept of FIT rules, where we have built things that make savings a lot more fun for users. So, for example, every time Virat Kohli hits a four, you can save 50 aside; every time you shop at Amazon, save some money aside; and now we have rules which we launched recently where every time you shop using Instagram for a couple of hours, say after 9pm, you can save money aside, said Gwalani.Gwalani added that Fi created a smart deposit product, which combines the best of fixed deposit and recurring deposit.