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Economic Times
| 19dNeobanking startup Fi secures NBFC licence from RBI
Fi, a neobanking startup, has obtained a non-banking finance company (NBFC) license from the Reserve Bank of India. This license allows Fi to offer loans from its own books, joining other fintech players like Jupiter, Groww, and Cred that have also ventured into lending. Acquiring an NBFC license allows fintech startups to establish their own asset base and streamline their lending operations. Fi, founded in 2019 by former Google executives, provides zero-balance savings accounts and other financial services. The company has secured around $160 million in equity funding from investors including Ribbit Capital and Temasek.
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