Temasek Finances a Platform for New Banking, Digital Lending Applications Follow the RBI’s New Regulations

According to two different regulatory filings, the Bengaluru-based neobanking platform Fi (whose parent company is epiFi Technologies) has raised $15 million as part of its ongoing Series C round from Singapore’s state-owned investment company Temasek Holdings (via V-Sciences Investments Pte Ltd) and $2 million from current investor QCM Holdings.

The fundraising is a part of the startup’s broader Series C round, for which it had previously secured $45 million from current investor Alpha Wave Global (formerly Falcon Edge Capital) in June.

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Fi has already raised a total of $137.2 million; their cap table lists investors such as Ribbit Capital, Sequoia Capital, and Eduardo Saverin’s B Capital, among others.

Temasek’s wager on fintech

PharmEasy, Licious, UpGrad, Unacademy, Shiprocket, ShareChat, Lenskart, Ola, and more startups are included in Temasek’s portfolio. Zomato, PolicyBazaar, Devyani International, and Cartrade are four of its portfolio companies that were listed on Indian stock exchanges last year.

It’s interesting to note that Temasek has backed Open, another neobanking platform that became a unicorn after a $100 million Series C financing spearheaded by the Singapore company last year.

Additionally, it supports the parent business of the credit card platform OneCard, unicorn fintech FPL Technologies.