As per a recent report, two co-founders of Google Pay are building a neo-banking platform in India and have also secured backing from three top VC funds. The veteran payments executive, Sujith Narayanan who co-founded Google Pay in India said that his startup, epiFi, has raised around $13.2 million in its Seed financial round led by Sequoia India and Ribbit Capital.
David Velez who is the founder of Brazil-based neo-banking giant Nubank, Kunal Shah, who is building his second payments startup CRED in India and VC fund Hillhouse Capital also participated in the round. Narayanan, in an interview with TechCrunch, said that the eight-month-old startup is working on a neo-banking platform that will focus on serving millennials in India.
“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,” he explained. The idea, in part, is to also help users better understand how they are spending money, and guide them to make better investments and increase their savings, he further said.
Gwalani who serves as the startup’s co-founder and chief product and technology officer said the startup currently has about two-dozen employees, some of whom have joined from Netflix, Flipkart, and PayPal.
Shailesh Lakhani, Managing Director of Sequoia Capital India, said, ”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.”