Sujith Narayanan and Sumit Gwalani have joined forces to co-found epiFin, an India-based neo-banking platform for millennials.
Narayana announced that the company has now received backing from three of the top venture capital funds to the tune of $13.2 million.
David Velez, Nubank Founder, Junal Shar, CRED, and venture capital fund Hill House Capital all participated in the financial round which was led by Ribbit Capital and Sequoia India in which epiFin was valued at $50 million.
Narayan, co-founder of Google Tez (India’s Google Pay) said that the new company was launched 8 months ago.
Drawing on his experience with Google Tex, he said that alongside digital payments millennials were looking for lending, investment, insurance and other financial products which he aims to provide on the platform.
epiFin also aims to help users understand how they spend their money and help them to make better decisions, investments and savings.
Sumit Gwalani works with Narayan as the co-founder and also the chief product and technology officer.
He too helped with the concept of Google Tez and worked as director of product management for Google India.
He has confirmed that some of their 24 employees have come across from PayPal, Flipkart and Netflix, bringing a wealth of experience to the new company.
Sequoia Capital India, one of epiFin's backers, have praised the innovative nature of the start-up which is hoped to bring about major changes for digital banking products.
Although cash is still king in India, since 2016 there have been moves to invalidate most of the bills currently in circulation leading to a high uptake on digital payment apps.
Many start-ups have taken advantage of this including some of the top firms from Silicon Valley who looked at helping Indians adapt and secure better access to a range of financial services and products.
This saw a rise in digital transactions to around 1 billion in October 2091, with 100 million users. This trend has continued into 2020.
Other startups have emerged to try to tackle some of the challenges experienced by small and medium-sized businesses in the country.
Open, NiYo and RazorPay, based in Bangalore, have worked to provide financial services to these businesses including corporate credit cards, easy, user-friendly dashboards and payment automation.
These neo-banking platforms are becoming known as alternative or challenger banks because they offer the services that traditional banks have yet to leverage.
At present most of these platforms are aimed at businesses rather than individuals; with epiFin, this is set to change.