Neobank EpiFi raises funds ahead of its launch

EpiFi, an Indian neobank, has reportedly raised $13.2m in its seed funding round as it gears up for the launch of its platform.

Investor to the round include Sequoia Capital, Ribbit Capital and Hillhouse Capital, according to a report from Economic Times. The investment valued the startup at around $40m, according to the report.

EpiFi is expected to launch its services in the next few months. The digital banking platform aims to help consumers make better financial decisions so they can meet future goals.

Its target market is millennial workers and will help them spend intelligently and boost savings.

The FinTech startup is using the capital to deepen its technology stack, hire additional staff and push early marketing and consumer adoption initiatives.

Last week, fellow neobank Xinja was reportedly exploring an expansion of its services into the Indian and Malysian markets.

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