Fi (Epifi Technologies Pvt Ltd), a neobanking startup supported by investors like Peak XV and Temasek, has recently obtained a non-banking finance company (NBFC) license from the Reserve Bank of India. This license allows Fi to offer loans using its own funds. This development puts Fi in the same league as Jupiter, Groww, and Cred, who have also ventured into lending either through acquiring an NBFC or obtaining a new license.
In the past few years, fintech startups have increasingly sought NBFC licenses as a way to simplify their entry into the lending space. This approach helps them navigate the strict regulations imposed by the Reserve Bank of India (RBI) regarding online credit disbursal.
Neobanking startup Fi, established in 2019 by former Google executives Narayanan and Sumit Gwalani, offers a range of services to its users, including zero-balance savings accounts, investment options, payment solutions, and savings features. The company has successfully raised approximately $160 million in equity funding from prominent investors such as Ribbit Capital, Alpha Wave Global, Temasek, and others.