Former India Google Pay executives raise $13.2m to offer banking solutions to millennials

The Bengaluru-headquartered start-up epiFi, founded by former Google Pay in India executives Sujith Narayanan and Sumit Gwalani, has been valued at about $50m

                                

Indian start-up epiFi has raised $13.2 million (Rupees 94 crore) in a seed financing round led by investment firms Sequoia Capital, Ribbit Capital and Hillhouse Capital, in a transaction that shows interest in supporting neo-banking start-ups.

The Bengaluru-headquartered start-up, founded by former Google Pay in India executives Sujith Narayanan and Sumit Gwalani, have also brought on board Cred founder Kunal Shah and David Velez, founder of Brazil’s Nubank, as early backers.

The round valued epiFi at about $50m.

epiFi, which currently has around 20 employees, plans to start by offering a digital banking solution, targeted at millennials, which will include savings account and debit card facilities.

The idea is also to also help users better understand how they are spending money and guide them to make better investments and increase their savings.

“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.

Narayanan said epiFi is to release an app in a few months.

In November, Mumbai and Bengaluru-based Amica Financial Technologies, founded by former PayU India managing director Jitendra Gupta, raised $24m in its maiden round of funding.

Prior to that in June, Open, which is also headquartered in Bengaluru, raised $30m in a round led by Tiger Global Management.

FURTHER READING: Indian payments processing firm launches new range of services including corporate credit cards

FURTHER READING: Bangalore-based ZestMoney raises $15 million from Goldman Sachs enabling Indians more access to credit

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