Indian neobank Fi is at an advanced stage of talks to raise around $100 million at a valuation of $700 million, according to three sources familiar with the matter.
Alpha Wave Global, formerly known as Falcon Edge Capital, is leading the round, sources said. Singapore’s Temasek is also in talks to invest in the new round, one of the sources said.
Fi, a two-year-old startup made up of payments and other consumer technology executives from Google, Netflix and PayPal, declined to comment on Saturday.
The deal has yet to be finalized so terms could change, sources have warned.
The new round’s deliberation comes just five months after the Bengaluru-based startup raised around $50 million in a round led by B Capital Group, also first picked up by TechCrunch, in November. That round valued Fi, formerly known as EpiFi, at $315 million.
The startup, which competes with Tiger Global-backed Jupiter, has onboarded about 1.2 million users so far, another source familiar with the matter said.