EpiFi, a neo-banking startup, has raised $13.2 million in seed funding led by Sequoia India and Ribbit Capital. The round registered the participation from Hillhouse Capital and angel investors, including David Velez, the founder of Nubank, and Kunal Shah, Founder & CEO, CRED. The company will use the capital raised to invest in and level-up its core technology platform, drive sales and marketing initiatives and broaden its technology team.
“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 with 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 Sujith Narayanan, Co-founder, epiFi.
In a bid to create a strong footprint in the highly competitive fintech gamut, epiFi is an intuitive product that offers customers with a single interface for all their financial and banking mandates. This solution meets the needs of digital natives, with a vision to help demystify their finances, optimize their savings and enable them to make informed financial decisions. The secure platform will operate as a primary hub for consumers, providing them with co-branded debit cards and syncing 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.