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Layoffs · Financial Services

Fi Money cuts staff and pivots to enterprise tech

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Date
Company
Fi Money
What it does
Consumer fintech pivot to B2B
Kind
Layoffs
Sector
Financial Services

What they do

Fi Money is a consumer fintech company that provides financial products

What happened

The company laid off over 50 employees and reduced its workforce to under 100 people

Why it matters

It is shifting strategy from consumer loans to AI-led B2B enterprise technology services

The details

  • Fi Money has laid off more than 50 employees in the past year.
  • The current workforce stands at under 100 people as of July 2025.
  • Co-founder Sujith Narayanan announced a strategic pivot away from consumer products.
  • The new focus is on AI-led B2B enterprise tech to ensure sustainability.
  • The company cited severe cash constraints as the reason for these changes.
  • Several consumer products are being sunsetted as part of the restructuring.
  • The company's cash runway was estimated at only 10 months in March 2025.
  • This move marks a significant departure from its earlier high-growth consumer model.

The bigger picture

  • The pivot reflects challenges in the initial consumer-focused business strategy.
  • High burn rates and weak monetization forced the drastic operational changes.
  • The company struggled with stalled lending growth and delayed customer refunds.

About the business

  • Fi Money operated as a loan distributor for RBI-registered lenders.
  • It did not hold an NBFC license itself during its consumer phase.
  • The company attracted over 3 million users by 2023.
  • Growth was largely driven by offering instant personal loans to consumers.
  • Marketing spend reached ₹132 Cr in FY23 to acquire these users.
  • The company faced challenges with weak monetization of its user base.
  • Customer support issues included delayed refunds and slow response times.
  • Financial results showed a net loss of ₹300 Cr in FY23.
  • Operating revenue was just ₹38 Cr against significant losses in FY23.

What happens next

  • The company will focus on developing AI-led B2B enterprise solutions.
  • Fi Money aims to establish a sustainable business model without heavy consumer burn.

Investors

  • SoftBank (seller) — Sold shares in open market and reduced holding to 14.04%.
  • Temasek (seller) — Decreased stake and names were absent from December quarter data.
  • Peak XV Partners (existing) — One of the investors who contributed to total funding raised.
  • Ribbit Capital (existing) — Part of the investor group that funded Fi Money.
  • Alpha Wave (existing) — Part of the investor group that funded Fi Money.

Founders

  • Sujith Narayanan, Co-founder

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