mumbai fi a neobank by former google pay executives sumit gwalani and sujith narayanan who pioneered google tez is set to launch soon the service which works as an intelligent layer over a bank account is currently offered with an underlying savings account from federal bankspeaking to toi narayanan said that the bank account is targeted at salaried millennials and is positioned as a highend salary account with all the features including zero minimum balance and free atm withdrawals according to the founders they chose a savings bank account as the base because most personal finance involved either paying someone investing money or borrowing and it is the bank account that offers all three featuresthis is the first time that a reward programme has been structured to incentivise savings said narayanan according to gwalani the mobile application has automated a lot of tasks like looking up an ifsc code analysing transactions or choosing the best mode for fund transfer which will encourage users to overcome the inertia of having to change their bank accountthere are 8 crore salaried individuals in the country and every year a large number of young people are graduating and getting into salaried jobs we are looking at opening two to three million accounts in two years said narayananepifi which is behind the fi bank account had raised 132 million in seed funding from sequoia india and ribbit capital other investors included hillhouse capital and angel investors like david velez founder of nubank and kunal shah founder and ceo of cred