The two founders of Google Pay, formerly known as Google Tej (online payment app), have backed their eight-month-old startup epiFi from top VC funds to build a neo-banking platform in India to serve millennials of the country.
Sujith Narayanan and Sumit Gwalani are the duo shaping and building epiFi. Narayanan was the former payments executive who co-founded Google in India with Gwalani as the director of product management.
Now, the duo are back with another startup, epiFi, with the idea to help users better understand their spending. Also, the idea was to help savings account users to make better investments and increase their savings, said Narayanan.
The duo is on a mission to built epiFi as a neo-banking platform. Narayana, at an interview with Tech Crunch, said, “The eight-month-old startup is working on a neo-banking platform that will focus on serving millennials in India.”
Sujith has also confirmed that his startup has raised about $13.2 million in its Seed financial round led by Sequoia India and Ribbit Capital. Moreover, the startup valued by the series was $50 million in numbers.
Other participants, including VC fund Hillhouse and Kunal Shah, representative of Brazil-based neo-banking giant Nubank, who is establishing another payment startup CRED in India, were also located at the round.
The eight-month-old startup, at this moment, is unclear what the confluence of all of these features would actually perform in the market. Also, Narayanan said, “When we were building Google Tez, we realized that a consumer’s financial journey extends beyond digital payments. They want insurance, lending, investment opportunities, and multiple products, and epiFi will soon launch its app in a few months.”
Further News by Tech Crunch:
Shailesh Lakhani, Managing Director of Sequoia Capital India, said some of the fundamental consumer banking products, such as savings accounts, hadn’t seen real innovation in many years. “Their vision to reimagine 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,” he said.
In recent years, scores of startups and Silicon Valley firms have stepped to help Indians pay digitally and secure a range of financial services. And all signs suggest that a significant number of people are now comfortable with mobile payments: More than 100 million users together made over 1 billion digital payments transaction in October last year — a milestone the nation has sustained in the months since.