Decoding neobanking platform Fi’s Series C round


Consumer-focused neo-banking platform Fi (formerly epiFi) had recently raised around $62 million in a Series C round led by Alpha Wave with the participation of Temasek and existing backer QCM Holdings.

Entrackr had exclusively reported about the fundraise in May.

While the company is yet to announce this round, Fintrackr has sifted through its regulatory filings to decode crucial details such as round breakup, valuation, and shareholding pattern.

The board at Fi has passed a special resolution to allot 10 equity shares and 3,20,985 compulsory convertible preferred shares (CCPS) at an issue price of Rs 15,239.38 per share to raise Rs 489.18 crore or nearly $62 million.

Alpha Wave has spearheaded the funding round with Rs 355 crore ($45 million) followed by Temasek which infused Rs 118.35 crore ($15 million). QCM Holdings invested the remaining sum of Rs 15.78 crore.

As per Fintrackr’s estimates, the company has been valued at around $536 million (post-money). The Bengaluru-based startup has raised $137 million to date including a Series B round of $50 million led by B Capital.

Led by former Google Pay executives – Sujith Narayanan and Sumit Gwalani – Fi provides millennial-focused digital banking solutions with saving accounts. Fi competes with the likes of Jupiter, Niyo, P10, and InstantPay in the consumer-focused neo-banking space.

Post allotment of the Series C round, co-founders Narayanan and Gwalani hold 34.85% stake followed by Alpha Wave which owns 12.5%. QCM holdings and newly joined Temasek commands 1.8% and 2.8% shares respectively. The complete shareholding of the company can be seen below:


Fi remained a pre-revenue stage startup during FY21. As per its annual financial statements with the RoC, it booked a loss of Rs 50.3 crore in FY21 without any operating income. It’s yet to disclose FY22 numbers.

As per data compiled by Fintrackr, startups in the fintech space have raised around $3.5 billion till the end of the third quarter of 2022 as compared to $5 billion raised during the year 2021.

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