India neobank Fi winds down banking services on its platform

India's neobank Fi is shutting down its banking services, which it launched in 2021 in partnership with Federal Bank. Customers who opened savings accounts through the Fi app will be redirected to Federal Bank's own mobile app, FedMobile. The Bengaluru-based startup, founded by former Google Pay India executives, served over 3.5 million customers and raised approximately $169 million. The company is not fully closing but pivoting toward deep technology and AI solutions for startups and enterprises, with co-founder Sujith Narayanan signaling the strategic shift on LinkedIn last month.