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Indian Yes Bank’s inaugural fintech cohort selects 12 startups

Indian-based YES BANK’s Business Accelerator Program for Fintech Startups – YES FINTECH – has announced its first fintech cohort that comprises of 12 startups.

The 12 fintech startups will undergo 15-weeks cohort, where they will receive mentorship from industry experts on creating scalable businesses from their products and guidance to deploy their innovative technologies within a collaborative framework. They will also gain the opportunity to integrate their technologies into YES Bank’s ecosystem through digital infrastructure support like API banking, BIN sponsorship among others and access to funding.

“YES FINTECH Accelerator takes forward YES BANK’s A.R.T model – Alliances, Relationships Technology to provide innovating banking solutions to our customers and provides start-ups a platform for creating sustainable and market ready products. We are really excited about the inaugural cohort and believe that the 15 week program will provide an ideal springboard for these 12 startups to graduate from innovative products to scalable businesses with access to YES BANK’s digital banking infrastructure as well as our robust customer network,” Rana Kapoor, MD & CEO, YES BANK said.

Among the top 35 fintech startups in the final round, 12 were selected that showcased solutions to the YES FINTECH Leadership over a 2-day pitching session. Last month, the bank announced that it has received a phenomenal response from the fintech community worldwide with more than 750 applicants across the world. The fintech accelerator has been formed in collaboration with T-Hub, Indian-based growing start-up engine catalyzing innovation, and Anthill Ventures.

The 12 selected successful fintech startups include SoCash, Paykey, Numberz, FRS Labs, Click & Pay, Signzy, among others. These startups come from fintech domains including payments, lending and alternative scoring models, insta-credit, cyber security, risk intelligence, machine learning, artificial intelligence, blockchain technology, big data, and analytics, among others.

The 15-week cohort will involve 3 week onsite interactions at Mumbai and Hyderabad and 12 weeks offsite interactions, wherein the selected start-ups can continue to work from the home location. The startups will receive the access to funding up to USD 1 million through VC partners without any upfront equity commitment.

“We are honored to partner with prestigious partners like Yes Bank and Anthill to support the Business Accelerator Program for fintech start-ups. Given the dynamic needs of the Indian start-up ecosystem, collaborative programs like these will definitely benefit the most promising start-ups to scale with greater confidence, planning, and expertise derived from sound mentorship,” Jay Krishnan, CEO, T-Hub, stated.

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2017-04-28 03:30:03
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