YES FINTECH, YES BANK's Business Accelerator Program for Fintech Startups today announced the 12 startups that are set to join its inaugural cohort. The final 12, were selected from the top 35 startups who showcased their solutions to the YES FINTECH Leadership over a 2 day pitching session. The month long application phase of the program received phenomenal response from the global community of Fintechs, with 753 applicants around the world. The Accelerator has been set up in collaboration with T Hub - India's fastest growing start-up engine catalysing innovation, scale and deal flow and Anthill Ventures. LetsTalkPayments, a global platform for financial technology (Fintech) insights is the Knowledge partner.
The 12 startups selected from Fintech domains like Payments, Lending and Alternative Scoring Models, Insta-credit, Cyber Security, Risk Intelligence, Capital Markets and Enterprise software and cutting across technologies like Artificial Intelligence and Machine Learning, Big Data & analytics, Biometric and Alternative Authentication, BlockChain, Chat Bots, API based SaaS Solutions etc. will go through a 15 week program which 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.
Over the 15 weeks the start-ups will receive:
- Mentorship from industry experts on creating scalable businesses from their products and guidance to deploy their innovative technologies within a collaborative framework
- Integrating their technologies into YES Bank's ecosystem through:
* Digital Infrastructure support (API Banking, BIN Sponsorship, etc.)
* Access to Funding (through the Bank/ its network of Investors, across PE/ VCs)
* Advisory on Go-To-Market strategies and market penetration
- Access to YES BANK Network of 2 million + retail, 10,000 + SME and 5000 + corporate customers
- Access to funding upto USD 1 million through VC partners without any upfront equity commitment
Welcoming the startups into the cohort Mr. Rana Kapoor, MD & CEO, YES BANK said "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".
Commenting on the launch of the YES FINTECH cohort, Mr. Jay Krishnan, CEO, T-Hub said, "With the high level of technology disruption and the government's drive toward a digital economy, the FinTech industry has emerged as an exciting place for start-ups to penetrate. We are honoured 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."
At the launch, Mr. Prasad Vanga, founder and CEO, Anthill, welcomed the startups and said, "With an overwhelming response to the accelerator and after a critical evaluation, we have selected these 12 startups to be a part of the inaugural cohort.The elaborate 15 week program has been carefully designed by Anthill, T-Hub, Yes Bank and Lets Talk Payments to ensure that it helps the startups scale with speed. Moving forward, we will be engaging with the startups and providing them with all the necessary resources in terms of mentorship, operational management and access to funds."
The 12 winners, selected to the inaugural cohort are:
SoCash: soCash is creating the largest small network of small merchants to make cash accessible beyond ATMs
Signzy: Signzy is creating 'building blocks for a Digital Trust system through bank-grade digital KYC, biometric enabled digital contracts and due diligence through Algorithmic Risk Intelligence
Rupeeseed: Rupeeseed provides capital market solutions for retail and institutional trading using robo advisory and analytics engine
Redcarpet: Redcarpet uses alternative social and digital Scoring for insta-credit to new to credit and non-bureau consumers. Redcarpet is a Y Combinator summer 2015 graduate
R1mo: R1mo is the first FX B2B marketplace in India using blockchain technology offering clients a customized distributed financial technology solution that interfaces with existing systems/processes for cross-border payments
Paykey: Paykey is an Israel based startup making banking simple and frictionless through an integrated in-app keyboard which gives users to make payments while using any app
Numberz: Numberz is simplifying running the business (Cash-flow) by Seamlessly integrating Business Workflows with Banking Services
Morph.Ai: Morph.ai is a complete Bot suit for enterprises, providing plug-n-play solution for companies to build powerful chatbots that can solve business use cases
FRS Labs: FRS Labs works on cyber security, fraud detection and identity verification using biometrics and AI
Click & Pay: Making payments transactions cashless, secure and flexible, Click & Pay provides users an easy payment options
Authme: AuthMe is using AI to replace passwords with unique pattern technology and bring UX and security together
Anytime Loan: An alternate lending platform, offering consumer loans and MSME business loans using AI, Data Science, Robotics & Predictive Science tools to create Alternative Scoring and KYC models
The startups have been recognized as disruptors and innovation leaders in their domains by various national and international agencies like MAS (central bank of Singapore), Y Combinator and IBM Smartcamp among others.
Shares of YES BANK LTD. was last trading in BSE at Rs.1508.05 as compared to the previous close of Rs. 1528.7. The total number of shares traded during the day was 337962 in over 3715 trades.
The stock hit an intraday high of Rs. 1537.5 and intraday low of 1504.5. The net turnover during the day was Rs. 510277310.