Bengaluru-based neo-bank startup EpiFi has raised $13.2 million, or around Rs 93.4 crore, in a seed funding round led by Sequoia India and Ribbit Capital.
The company will use the funding to build its core technology platform, drive sales as well as marketing initiatives, and expand its technology team.
The seed funding round also saw participation of Hillhouse Capital and angel investors, including David Velez, the founder of Nubank, and Kunal Shah, founder and chief executive offier of CRED, the statement said.
Seed money, sometimes known as seed funding or seed capital, is a form of securities offering in which an investor invests capital in a startup in exchange for an equity stake or convertible note stake in the company.
Also Read: India's Neo-Banks: What's So ‘Neo' About Them?
Founded in May last year by Google Pay's top executives Sujith Narayanan and Sumit Gwalani, EpiFi is a fintech startup that provides digital banking solutions.
“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," Narayanan said.
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