2 Co-founders of the Google Pay in India are now building a neo-platform, and already they have secured the backing from 3 top VC funds. Veteran payments executive, Sujith Narayanan co-founded the Google Pay in India which was formerly recognized as the Google Tez. On Monday, he said that the startup has raised $13.2 million in the Seed financial round which is led by Ribbit Capital and Sequoia India. The round valued the epiFi at around $50 million. The founder of the Brazil-based neo-banking giant Nubank named David Velez, Kunal Shah who is building the 2nd payments startup CRED in India as well as the VC Fund Hillhouse Capital also took part in that round.
The 8 years old startup is now working on a neo-banking platform which will concentrate on serving beyond digital payments. All that they want are insurance, investment opportunities, lending and multiple products. Besides, the idea is to aid the users to understand better how they spend the money and to guide them to make some better investment to increase their savings. At the current moment, it is quite unclear about the appearance of the convergence of these features, but Narayanan said that epiFi would release an app within a few months.
Shailesh Lakhani, the M.D. of the Sequoia Capital India said about some fundamental banking products such as the savings accounts hadn’t seen so true innovation in several years and their vision to reimagine the consumer banking through providing an updated banking product with the epiFi had the potential to bring a change in the experience.