The way UPI is a payments layer on top of a user’s bank account, the EpiFi team is building a unified layer over all financial services to create a turnkey model. This will have all the products on a single dashboard including savings accounts, investment opportunities, lending, fund transfer and insurance.
The financial data of a person points towards his/her habits and likes and dislikes. The company is using machine learning and artificial intelligence to get more insights about users and build a robust architecture that can provide them uptime in terms of financial services.
“Our goal is to help users demystify their finance, maximise their savings and help them spend intelligently,” says Gwalani, who has 20 patents under his name across operating systems, browsers, security systems and financial technology.
Focusing on millennials as the target audience, the platform will help them keep a tab on their spending on food orders, shopping and other day-to-day expenses. The company is in talks with five private banks and several investment players to build their unified layer on their systems.
EpiFi has already raised $13.2 million in a seed round led by a clutch of marquee investment firms, such as Sequoia Capital, Ribbit Capital and Hillhouse Capital and is currently in a pre-launch stage with plans to be rolled out across the country by the second half of this year.
“Consumer banking, especially key products like savings accounts, haven’t seen true innovation in many years. Sujith and Sumit have demonstrated the ability to change the trajectory of financial services in India with their work on Google Pay
in the digital payments space,” said Shailesh Lakhani, managing director at Sequoia Capital India.