Bengaluru-based neo-banking startup Epifi on Monday said it has raised USD 13.2 million (around Rs 93.4 crore) in a seed funding round led by Sequoia India and Ribbit Capital.

The company said it will utilise the funds to build its core technology platform, drive sales as well as marketing initiatives and expand its technology team.

The seed funding round that was led by Sequoia India and Ribbit Capital also saw participation from Hillhouse Capital and angel investors, including David Velez, the founder of Nubank, and Kunal Shah, Founder and CEO, CRED, the statement said.

Seed money, sometimes known as seed funding or seed capital, is a form of securities offering in which an investor invests capital in a startup company in exchange for an equity stake or convertible note stake in the company.

Founded in May last year by Google Pay top executives Sujith Narayanan and Sumit Gwalani, Epifi is a fintech startup that provides digital banking solutions.

"Millennials are a digital-first generation who are reshaping the world's economy, pushing companies to re-examine the way they do business.... 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," Epifi Co-foundersaid Sujith Narayanan said. PTI SID

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