Indian neo-bank EpiFi has raised $13.2m through a seed funding round that was led by Sequoia India and Ribbit Capital.

The neo-bank startup plans to use the proceeds from the funding round to develop its key technology platform and technology team, and boost sales and marketing initiatives.

The funding round had also seen participation from Hillhouse Capital and angel investors, iincluding Nubank founder David Velez and CRED founder and CEO Kunal Shah.

EpiFi is a fintech startup offering digital banking solutions. It was set up in Bangalore in May 2019 by Google Pay executives Sujith Narayanan and Sumit Gwalani.

Narayanan said: “Through epiFi, our mission is to provide digital natives a new-age platform that uses customer insights and deep tech to simplify their banking journey and help them take a big step towards achieving financial freedom.”

The firm intends to provide digital banking solutions for millennials. These solutions include savings account and debit card facilities.

Gwalani was quoted by The Economic Times as saying: “The intent is to deliver a product that touches consumers across streams, which is intuitive and simple, demystifies their finances and helps them spend intelligently. From a consumer finance perspective, they are looking for a unified experience.”

The seed funding round takes the valuation of EpiFi to about $50m. It has about 20 employees, most of whom were formerly at tech firms such as Google, Netflix and Paypal.