[Funding alert] Neobank epiFi raises $13.2M in seed round led by Sequoia India, Ribbit Capital

Bengaluru-based neobanking startup epiFi has raised $13.2 million in seed funding led by Sequoia India and Ribbit Capital. The round also saw participation from Hillhouse Capital and angel investors, including David Velez (Founder of Nubank), and Kunal Shah (Founder and CEO of Cred). 

With this funding, Epifi’s valuation is said to be about $50 million, according to media reports.

The startup said it will use the capital to invest in and build its core technology platform, drive sales and marketing initiatives and expand its technology team.

Sujith Narayanan, Co-founder of epiFi, said,

“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 personalised, 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.” 

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Founded in May 2019 by Google Pay (Tez) top executives Sujith Narayanan and Sumit Gwalani, epiFi is a fintech startup that provides digital banking solutions for digital natives across India. epiFi’s mission is to help customers demystify their finances, optimise their savings and enable them to make informed financial decisions.

The secure platform will function as a primary hub for consumers, providing them with co-branded debit cards and linking all their existing financial services products onto a single mobile banking interface. 

“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. Their vision of reimaging consumer banking, by providing a modern banking product with epiFi has the potential to bring a step function change in experience for digitally savvy consumers,” said Shailesh Lakhani, Managing Director, Sequoia Capital India LLP.

The core team at epiFi comprises several senior leaders from technology firms such as Google, Netflix, Flipkart, and PayPal, with decades of collective expertise and experience in building consumer-oriented tech products. 

Other startups who are working in the neo-banking sector are such as Open, Juno, NiYO and Yelo among others.

(Edited by Saheli Sen Gupta)

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