Google Pay’s Co-creator Sujith Narayanan and Sumit Gwalani have launched neobank in association with Federal Bank. Neobanks are virtual banks and do’s have any physical presence. Founded in 2019, Fi to date has raised $13.5 mn led by Sequoia India and Ribbit Capital. The fintech firm aims to have half a million users this year. India has around half a dozen neobanks including SBI’s YONO and Kotak Mahindra’s 811.