Google Pay co-founders building a neo-banking platform for Indian millennials
Sujith Narayanan and Sumit Gwalani, the two co-founders of Google Pay (formerly known as Google Tez) in India are building a neo-banking platform in the country. Good news is that they have already secured backing from three top VC funds.
Sujith Narayanan, a veteran payments executive, said on Monday that his start-up, epiFi, has raised $13.2 million in its seed financial round led by Sequoia India and Ribbit Capital. The round valued epiFi at about $50 million. David Velez (the founder of Brazil-based neo-banking giant Nubank), Kunal Shah (who is building his second payments start-up CRED in India) and VC fund Hillhouse Capital have also participated in the round.
The neo-banking platform will focus on serving millennials in India, said Narayanan.
“When we were building Google Tez, we realized that a consumer’s financial journey extends beyond digital payments. They want insurance, lending, investment opportunities and multiple products,” he explained. “The idea, in part, is to also help users better understand how they are spending money, and guide them to make better investments and increase their savings.”
Narayanan further said that epiFi will release an app in a few months.
Working with Narayanan on epiFi is Sumit Gwalani, who serves as the chief product and technology officer. Gwalani previously worked as a director of product management at Google India and helped conceptualize Google Tez.
Shailesh Lakhani, managing director of Sequoia Capital India in support of the platform said, “Their vision to reimagine 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.”