Former Google Pay execs raise $13.2M to build neo-banking platform for millennials in India

Two co-founders of Google Pay in India are building a neo-banking platform in the country — and they have already locked backing from three top VC funds.

Sujith Narayanan, a veteran pays manager who co-founded Google Pay in India( formerly known as Google Tez ), said on Monday that his startup, epiFi, has raised $13.2 million in its Seed business round led by Sequoia India and Ribbit Capital. The round appraised epiFi at about $50 million.

David Velez, the founder of Brazil-based neo-banking beings Nubank, Kunal Shah, who is building his second payments startup CRED in India, and VC fund Hillhouse Capital too participated in the round.

The eight-month-old startup is working on a neo-banking platform that will focus on serving millennials in India, said Narayanan, in an interview with TechCrunch.

“When we were building Google Tez, we realized that a consumer’s fiscal journeying extends beyond digital payments. They want guarantee, lending, speculation opportunities and multiple produces, ” he explained.

The idea, in part, is to also help users better understand how they are spending money, and steer them to make better speculations and increase their savings, he said.

At this moment, it is unclear what the convergence of all of these features would look like. But Narayanan said epiFi will release an app in a few months.

Working with Narayanan on epiFi is Sumit Gwalani, who suffices as the startup’s co-founder and bos produce and technological sciences polouse. Gwalani previously wreaked as board of directors of product control at Google India and helped conceptualize Google Tez. In a joint interrogation, Gwalani said the startup currently has about two-dozen employees, some of whom have joined from Netflix, Flipkart, and PayPal.

Shailesh Lakhani, Managing board of Sequoia Capital India, said some of the fundamental consumer banking concoctions such as savings accounts haven’t seen true-blue invention in many years. “Their vision to reimagine consumer banking, by providing a modern bank produce with epiFi, has the potential to produce a gradation office change in experience for digitally savvy shoppers, ” he said.

Cash predominates business in India today. But New Delhi’s move to invalidate most paper bills in circulation in late 2016 pushed tens of millions of Indians to explore remittances app for the first time.

In recent years, ratings of startups and Silicon Valley conglomerates have stepped to help Indians pay digitally and secure a range of financial services. And all signeds therefore seems that a significant number of people are now comfortable with portable remittances: More than 100 million users together concluded over 1 billion digital fees deal in October last year — an important milestone the commonwealth has sustained in the months since.

A handful of startups are also attempting to address some of current challenges that small-time – and medium-sized organizations face. Bangalore-based Open, NiYo, and RazorPay render a range of peculiarities such as corporate credit cards, a single dashboard to organize business and the ability to automate recurring payouts that traditional banks don’t currently furnish. These programmes are also known as neo-bank or challenger banks or alternative banks. Interestingly, most neo-banking scaffolds in South Asia today serve startups and businesses — not individuals.

Read more: feedproxy.google.com

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