Sumit Gwalani exits Fi Money, company pivots to AI
Business
Sumit Gwalani, who co-founded neobanking startup Fi Money, has exited after six years.
His exit follows Fi's decision to shut down its banking services in March 2026 and shift gears; now the company is shifting focus to AI and enterprise tech while moving away from some consumer-facing products.
Fi Money constrained by licensing rules
Fi Money, started by former Google Pay executives, raised $169 million but faced tough times as neobanks like Jupiter and Niyo struggle with rules that limit what they can do without their own banking licenses.
With traditional banks calling the shots, growth got tricky, so Fi is betting on AI-powered solutions for businesses rather than competing in consumer banking.