India-based digital bank epiFi has raised USD 13.2 million in a seed round of funding led by Sequoia India and Ribbit Capital. Hillhouse Capital.
The funding round also achieved with angel investors Nubank. With this round of funding, the company is going to build on its core technology platform and drive sales. Plus the company is also going to drive marketing initiatives and expand its teams. epiFi was founded in May 2018 by former Google Pay executives Sujith Narayanan and Sumit Gwalani.
Sequoia Capital representatives told TechCrunch that some of the fundamental consumer banking products like savings accounts have not seen much innovation in many years. And he emphasized that epiFi’s vision has the potential to bring a step function change in experience for digitally-savvy consumers.
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