EpiFi has raised $13.2 million (about Rs 94 crore) in a seed financing round led by a clutch of marquee investment firms, including Sequoia Capital, Ribbit Capital and Hillhouse Capital, a transaction that showcases investors’ continuing interest in backing neo-banking startups, according to epiFi.
The eight-month-old Bengaluru-headquartered startup, which was founded by former Google Pay executives Sujith Narayanan and Sumit Gwalani, both of whom played a critical role in building and then launching the technology giant’s payment business in India, has also brought on board Cred founder Kunal Shah and David Velez, founder of Brazil’s Nubank, as early backers.
“Fundamentally, we will be using the capital to further build out our technology stack, bring on board a crack team of people, as well as towards early marketing and consumer adoption. The product will be out in a few months from now. We are currently in a pre-launch stage right now,” Narayanan told ET.
EpiFi, which currently has an employee strength of about 20, largely poached from global tech giants, such as Google, PayPal and Netflix, plans to start off by offering a digital banking solution, targeted at millennials, and which will include savings account and debit card facilities. The founders, however, declined to share more details, given that the company is still in stealth mode.
“The intent is to deliver a product that touches consumers across streams, which is intuitive and simple, demystifies their finances, and helps them spend intelligently. From a consumer finance perspective, they are looking for a unified experience,” Gwalani said.