Federal Bank partners with neobank Fi to issue a savings account

The partnership will enable to issue a savings account, equipped with a debit card, in under three minutes.

Federal Bank said on Thursday that it is partnering with Fi, Bengaluru-based neobank for salaried millennials. Founded in 2019, Fi is the brainchild of ex-Googlers who pioneered Gpay – Sujith Narayanan and Sumit Gwalani.

The partnership will enable to issue a savings account, equipped with a debit card, in under three minutes.

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.

Sujith Narayanan, CEO and co-founder, Fi, said: “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.”

Shalini Warrier, executive director, COO 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.”