- India-based digital bank epiFi announced recently that it raised $13.2 million in a seed round of funding. These are the details.
epiFi, an India-based digital bank, announced recently that it raised $13.2 million in a seed round of funding led by Sequoia India and Ribbit Capital. Hillhouse Capital also joined the round along with angel investors Nubank founder and CEO David Vélez and CRED founder and CEO Kunal Shah.
With this round of funding, the company is going to build on its core technology platform and drive sales. Plus the company is also going to drive marketing initiatives and expand its teams. epiFi was founded in May 2018 by former Google Pay executives Sujith Narayanan and Sumit Gwalani.
“Millennials are a digital-first generation who are reshaping the world’s economy, pushing companies to reexamine the way they do business. When it comes to banking, they are looking for a personalized, flexible and transparent experience with minimal friction. 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,” said Narayanan via YourStory.
In an interview with TechCrunch, Narayan said that they realized while building Google Pay that a consumer’s financial journey “extends beyond digital payments.” Consumers are also interested in insurance, lending, investment opportunities, etc.
Sequoia Capital India managing director Shailesh Lakhani told TechCrunch that some of the fundamental consumer banking products like savings accounts have not seen much innovation in many years. And he emphasized that epiFi’s vision “has the potential to bring a step function change in experience for digitally-savvy consumers.”
