Menu Close

Bullish Fi launches Mutual Fund investments, P2P investing coming soon

view original post

Bengaluru, May 5 (UNI) Being extremely bullish on funding perspective after last year’s plunge, India’s fastest-growing neobank Fi on Thursday announced the launch of its investment platform to help users invest their savings into Mutual Funds to grow their wealth. “We are extremely bullish based on our numbers and features. We think that we will grow our user base by 3x in the next 12 months. We are not seeing any constraints from a funding perspective,” Fi Co-Founders Sujith Narayanan said responding to a query by UNI in a virtual press conference. “Neobanking platform Fi will now allow customers to invest in mutual funds and will soon launch a peer-to-peer lending product,” he said. The aim is to help users get better with their finances by educating them about Mutual Funds and making investing fun as opposed to an arduous task, Fi Co-Founder Sumil Gwalani said. Fi also announced that it will be launching its P2P investing platform in a few weeks that will offer users the opportunity to diversify their portfolio with 9% annual returns. Apart from condition-based investing (like investing each time you shop), users can also set up monthly, weekly and even daily auto-invest rules with Fi, Gwalani said. “Investing money in regular short intervals will average out their risks by breaking down their lumpsum investment amount into several installments, with amounts as low as ₹100. The app also allows users to invest in lumpsums,” he said. On the Fi app, in a tab called ‘Mutual Funds’, users are presented with investment information and Mutual Fund options from a range of AMCs, Gwalani said. “Users can choose these based on their financial goals and risk appetite. Information such as NAV, past performance, etc. are presented in an easy to understand, jargon-free and visually appealing manner,” he said. To address the spectrum of investors from beginners to seasoned investors, the startup has created ‘Fund Collections’ and ‘Advanced Screening’, Gwalani said. In the initial phase, users can choose from a set of index and passive funds, while more funds from all the top fund houses in the country will be added over the next few weeks, he said. Fi’s decided to launch with index funds because they are a safe and easy way for users to get comfortable with the idea of investing and also offer competitive gains at very low fund management fees, Gwalani said. Apart from Mutual Funds, Fi is also set to roll out a peer-to-peer investment option called ‘Fi Jump’ that allows users to invest and earn up to 9% annual returns on their investments, he said.”This is done in partnership with Liquiloans, an RBI-registered lending-and-borrowing platform,” he added. Investments made into ‘Fi Jump’ can be withdrawn at any time – even partially, and the growth of their invested amount can be tracked at any time right on the Fi app, Gwalani said. Fi is a neobank created for working professionals. Fi’s innovation lies in creating an interactive, personalised, and transparent financial platform that covers banking, investing and money management. UNI BDN SHK1622