EpiFi, a start-up founded by two of the leading figures in developing Google’s India mobile wallet service, raised $13.2 million in seed funding to create a digital bank.
The aspiring challenger bank is led by Google Tez co-founder Sujith Narayanan and former Google Pay India director of product management Sumit Gwalani. Both left the search giant just over a year ago to set up the new venture, which is expected to launch in India in the coming months.
Local newspaper The Economic Times (ET) reported the funding round included several large investment companies with a track record of backing early stage digital financial services businesses.
In an interview with the publication, Narayanan said the cash would be used to assemble a “crack team of people” alongside marketing initiatives to drive consumer adoption.
At launch, the company aims to provide a range of digital banking services aimed at individuals aged in their mid-twenties and -thirties. Full details of its product are still under wraps.