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

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.

- Priyamvada C. & Sneha Shah

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.

The company hasn't yet filed its 2023-24 financials, and it could still be a while before it does so, said the three people.

Fi Money, on the other hand, said it had shared audited financials with relevant stakeholders, but hadn't made them public yet.