Neobank Fi finalizing funding at $700 million valuation

Indian neobank Fi is in advanced stages of talks to raise about $100 million at a $700 million valuation, according to three sources familiar with the matter.

Alpha Wave Global, formerly known as Falcon Edge Capital, is leading the round, sources said. Singapore’s Temasek is also in talks to invest in the new round, one of the sources said.

Fi, a two-year-old startup consisting of payments and other consumer tech executives from Google, Netflix and PayPal, declined to comment on Saturday.

The deal hasn’t closed yet, so the terms may change, sources cautioned.

The new round deliberation comes just five months after the Bengaluru-headquartered startup raised about $50 million in a round led by B Capital Group, also first scooped by TechCrunch, in November. That round valued Fi, formerly known as EpiFi, at $315 million.

The startup, which competes with Tiger Global-backed Jupiter, has on-boarded about 1.2 million users to date, another source familiar with the matter said.