EpiFi, the neo-bank startup launched by former Google Pay executives has announced picking up $13.2 million in Seed round fundraising. Sequoia India and Ribbit Capital led the financing that values the startup about $50 million. David Velez, Brazil-based neo-bank Nubanks' founder, Kunal Shah the payment startup Freecharge and CRED founder along with VC fund Hillhouse Capital also contributed in the round.
Sujith Narayanan and Sumit Gwalani launched Epifi in 2019 as a digital banking solution provider platform aimed at the young millennials in India. The firm is still in the pre-launch stage but says that it will also offer savings account and debit card facilities.
Talking about the banking segment said and how the younger generations sees it, Sujith Narayanan said, “Millennials are a digital-first generation who are reshaping the world’s economy, pushing companies to re-examine the way they do business. When it comes to banking, they are looking for a personalized, flexible and transparent experience with minimal friction.”The firm intends to use the freshly raised capital to work on its tech platform, expand the workforce along with spending the capital on marketing.
Sequoia Capital India's managing director Shailesh Lakhani talking about EpiFi said, “Consumer banking, especially key products like savings accounts, haven’t seen true innovation in many years. Sujith and Sumit have demonstrated the ability to change the trajectory of financial services in India with their work on Google Pay in the digital payments space.”