Indian neo-bank EpiFi has raised $13.2m through a seed funding round that was led by Sequoia India and Ribbit Capital.
The neo-bank startup plans to use the proceeds from the funding round to develop its key technology platform and technology team, and boost sales and marketing initiatives.
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The funding round had also seen participation from Hillhouse Capital and angel investors, iincluding Nubank founder David Velez and CRED founder and CEO Kunal Shah.
EpiFi is a fintech startup offering digital banking solutions. It was set up in Bangalore in May 2019 by Google Pay executives Sujith Narayanan and Sumit Gwalani.
Narayanan said: “Through epiFi, our mission is to provide digital natives a new-age platform that uses customer insights and deep tech to simplify their banking journey and help them take a big step towards achieving financial freedom.”
The firm intends to provide digital banking solutions for millennials. These solutions include savings account and debit card facilities.
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By GlobalDataGwalani was quoted by The Economic Times as saying: “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.”
The seed funding round takes the valuation of EpiFi to about $50m. It has about 20 employees, most of whom were formerly at tech firms such as Google, Netflix and Paypal.
