Fi Money Shuts Some Features, Lays Off Staff in a Bid to Stay Afloat

In 2023, Fi Money Had Laid Off Around 10% of Its Staff in an Effort to Extend Its Cash Runway to Two Years

- Priyamvada C. & Sneha Shah

Neobanking startup Fi Money, backed by investors such as Temasek and Peak XV Partners, has laid off people and shut down some features to stay afloat, three people close to the development told Mint.

The company is facing severe runway issues and struggling to secure capital from existing and new investors due to poor financial performance, said two of the three people, adding that workforce reductions are among the many steps the startup has taken to cut costs.

"While the company has been in the market to raise capital for some time now, some existing investors have written off their investment in Fi Money," said the third person, on the condition of anonymity.