Google Pay co-founders Sujith Narayanan and Sumit Gwalani have secured backing from three top VC funds for the build-out of a neo-banking platform for millennials in India.
Payments stalwart and co-founder of what was formerly known as Google Tez, Narayanan told TechCrunch that the eight-month old startup epiFi has raised $13.2 million in a round led by Sequoia Capital and Ribbit Capital, valuing the fintech company at around $50 million.
Nubank founder David Velez, industry veteran Kunal Shah and VC fund Hillhouse Capital also participated.
Narayanan explains that the aim of the platform is to help customers better understand their spending patterns and make educated decisions about their savings and investments. “When we were building Google Tez, we realised that a consumer’s financial journey extend beyond digital payments. They want insurance, lending, investment opportunities and multiple products.”
Gwalani, who is also epiFi’s chief product and technology officer, says that the company have around 24 employees, some of which have moved from Netflix, Flipkart and PayPal.
epiFi plan to launch an app in the next few months.