Former Google Pay execs-led neobank epiFi nabs $13.2m funding

epiFi cofounders, ex-Googlers Sujith Narayanan (left) Sumit Gwalani (right). Photo: epiFi

Bengaluru-based neobanking startup epiFi, founded by former Google Pay executives, has raised $13.2 million in seed funding from Sequoia India and Ribbit Capital, per an announcement.

The round also saw the participation from Hillhouse Capital and angel investors, including David Velez (Founder of Nubank), and Kunal Shah (Founder and CEO of Cred).

The round has reportedly valued epiFi at around $50 million.

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

“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,” Sujith Narayanan, Co-founder of epiFi, said.

epiFi was founded in May last year by Google Pay top executives Sujith Narayanan and Sumit Gwalani to provide digital banking solutions and help its customers demystify their finances, maximize savings, and spend intelligently.

“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 has the potential to bring a step function change in experience for digitally-savvy consumers,” said Shailesh Lakhani, Managing Director, Sequoia Capital India LLP.

Neobanking has become a buzzword in the fintech community, and is changing the way India does banking. A neobank is a digital bank without any physical branches, and completely relies upon the internet and other forms of electronic channels for running operations.

The sector has attracted huge investor interest in the past 1-2 years.

In September last year, personalised neobanking service Yelo raised seed round funding from Matrix Partners India, Omidyar Network India, Flourish and current investor, Better Capital. New York-based investment firm Tiger Global Management led a $30-million Series B funding round for Bengaluru-based neo-banking startup Open in June last year.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.