B Capital in talks to back Indian neobank Fi

B Capital Group, which last week co-led Indian social commerce Meesho’s $570 million funding, is in advanced stages of talks to back Bangalore-based neobank Fi (formerly known as epiFi), many aware of the talks told me.

Fi offers a neobanking service for millennials in India. The startup, which early last year raised $13.2 million in its seed round, has assembled a team of high-profile executives from Google, Netflix, Flipkart, and PayPal.

The startup, which competes with Nubank-backed Bangalore-based Jupiter, was valued at about $50 million in its Sequoia Capital India and Ribbit Capital-led seed round. It is in advanced stages of talks to finalize a new round of $40-$50 million at a valuation of $250 million, people said. Falcon Edge Capital is also likely to invest, one person said.

B Capital Group didn’t have a comment last week. Fi declined to comment last month.