Fi (formerly Fi Money) vs Slice
Business model, scale, and a side-by-side Litmus framework score — which model wins, and for whom.
Slice bought a bank and turned profitable; Fi rented one and shut down — a direct lesson in owning the licence.
At a glance
| Metric | Fi (formerly Fi Money) | Slice |
|---|---|---|
| Revenue | ₹38 Cr operating revenue (FY23, last reported) | ₹1,402.7 Cr total income (FY26, ~2.3x YoY) |
| Profit | -₹300 Cr (Net Loss FY23) | +₹48.4 Cr (first-ever net profit, FY26) |
| Active users | 3.5M+ customers (now migrated to FedMobile) | 10M+ users |
| Employees | ~250 (after 2025-26 layoffs) | 1,500+ |
| Founded | 2019 | 2016 |
| HQ | Bangalore, India | Bangalore, India |
LLitmus Framework Score
Overall: Fi (formerly Fi Money) 87 · Slice 87
Customer Segment
95
94
Value Proposition
94
95
Marketing Channel
86
91
Engagement
91
93
Income Source
78
82
Asset Validation
85
85
Core Operations
93
88
Strategic Alliance
92
95
Expense Validation
72
80
Fi (formerly Fi Money) leads 2 modules, Slice leads 6. Overall edge: Tie.
Head to head
| Dimension | Fi (formerly Fi Money) | Slice |
|---|---|---|
| Licence | Rented Federal Bank licence | Owns a Small Finance Bank |
| Outcome | Exited consumer banking (2026) | First net profit ₹48.4 Cr (FY26) |
| Margin structure | Thin regulated spreads | Own low-cost deposits widen NIM |
| Core wedge | Savings + automation for pros | First credit line / UPI credit card |
FAQ
Is Fi (formerly Fi Money) or Slice a better business?
Slice bought a bank and turned profitable; Fi rented one and shut down — a direct lesson in owning the licence. It depends on what you optimise for — see the module-by-module breakdown above.
What is the difference between Fi (formerly Fi Money) and Slice's business model?
Fi (formerly Fi Money) operates in Fintech (Know your money), while Slice is Fintech (The simplest way to pay). Their revenue, scale and Litmus scores are compared in detail above.
Which is more profitable, Fi (formerly Fi Money) or Slice?
Fi (formerly Fi Money): -₹300 Cr (Net Loss FY23). Slice: +₹48.4 Cr (first-ever net profit, FY26).