“That chapter is closing. What it taught me will shape the next one. Next chapter: AI for the enterprise intelligence problems I lived at Fi. Decisions across functions. Conversations across tools. Patterns nobody can fully see,” said Gwalani in his LinkedIn post shared today.
Founded in 2019 by former Google Pay executives Sujith Narayanan and Gwalani, Fi Money has raised $169 million over multiple rounds, as per Tracxn data.
Fi Money was in partnership with Kerala-based Federal Bank, which they shut as stated above. The move is part of a business realignment, and customers can continue to operate their savings accounts through Federal Bank’s official channels, including the FedMobile app.
Earlier in February 2026, the fintech’s other cofounder, Narayanan, had said the startup is restructuring its business and moving away from some of its consumer-facing products to focus on artificial intelligence (AI) and enterprise technology. Many employees from these consumer-facing verticals were laid off over the past year.
“As we realign, some products will sunset, and thus a few roles are being impacted. This is not about effort or talent. It’s about how the company needs to be structured going forward,” Narayanan, cofounder of the company, had written in a LinkedIn post in February 2026.
The neobanking sector has been passing through a difficult phase, with companies including Jupiter, Open, and Niyo, which do not have independent banking licences, being forced to partner with traditional banks, limiting their operational autonomy and product innovation.