India: Startupbootcamp, the global family of industry-focused startup accelerators, announced the launch of its Startupbootcamp FinTech program in Mumbai. Following the success of programs in London, Singapore and New York, the evolution of the FinTech program to Mumbai ensures coverage of the three main FinTech hubs around the world and now the fastest growing economy. Startups can apply to be part of the program from the 28th of September, with the accelerator beginning in the early part of 2017.
ICICI Bank, as a founding institution, will mentor the winning companies, help them enhance their business plans and products. As a part of the partnership, the bank will also pick up equity stake in these companies.
Speaking on the initiative, Ms Abonty Banerjee, Senior General Manager & Head- Digital Channels, ICICI Bank said, “ICICI Bank has always been at the forefront to provide opportunities and avenues to the young Indians. We are delighted to partner with Startupbootcamp and see the fascinating ideas that come from the young Indian’s and play a role in their journey. ICICI Bank is committed to harness latest technology for the benefit of our customers across geographical and economic segments of the country”.
FinTech is a young but rapidly growing sector in the India economy, led by an innovation-driven ecosystem, and a large consumer base.
Financial inclusion is a growing theme and priority within FinTech, particularly within the developing world, where millions require access to basic financial services offerings such as bank accounts. Between 2011 and 2014 alone, 700 million adults worldwide become account holders and the number of unbanked dropped 20% according to The World Bank. The FinTech community has a huge role to play in helping build a bridge out of poverty.
The program is also focused on InsurTech, which is undergoing a transformation in India on the back of innovation in aggregation and comparison engines.
Mr. Alok Vajpeyi has been named as the Chairman of the new program, which is backed by leading names in the global financial technology community such as ICICI Bank, ICICI Lombard, RBL Bank, AZB & Partners and PwC. Startupbootcamp FinTech invites global startups from across financial technology to apply to take part in the three-month accelerator program.
Sanjay Sharma, Chief Information Officer, RBL Bank commented: “Technology usage among emerging economies is becoming increasingly more advanced and widely adapted, with mobile usage a driving force enabling great potential to make a difference to millions of people. There are great FinTech success stories in these developing countries, particularly in the digital banking and payments spaces, but so much more needs to be done. With the help of our partners, we can help hundreds Indian startups, joining them up with the financial services and making a real difference to the people of India.”
“At RBL Bank, we stand at the intersection of entrepreneurs, ideas, technology and banking services. As an institution, we have been an early supporter of the startup-ecosystem and have also been at the forefront of supporting the emerging venture debt market in India which focuses on new-age businesses and early stage start-ups. We are happy to tie up with the Startupbootcamp Fin Tech accelerator program in India to partner with startups for developing cutting edge technologies that are responsive to the fast-evolving needs of Indian customers.”
AZB & Partners firmly believes in the game-changing potential of FinTech, especially in India and would, therefore, like to assist Indian start-ups to transform into global leaders.
“Our expansion into India builds on the momentum of Startupbootcamp worldwide, which has accelerated over 340 startups in 14 different programs worldwide since 2010. India, as the fastest growing economy has many challenges it needs to overcome if it is to reach its potential, which presents great opportunities to FinTech startups in the country. We are excited to see the talent that emerges from the new program.” said Nektarios Liolios, Co-Founder and CEO, Startupbootcamp FinTech.
PwC has chosen to expand its global relationship with Startupbootcamp FinTech and as global partners, they are working together to develop trend reports looking at developments in the FinTech and InsurTech space, building on Startupbootcamp’s expertise in developing early stage companies.
“Cutting-edge technology is reshaping the financial services industry in India. Technology disruptions and innovations are removing the barriers and issues related to infrastructure and inclusion, and are enabling the financial services industry to serve a previously untapped clientele as well as improve service to present ones. The Startupbootcamp program has been instrumental in giving wings to startups and enabling them to grow in the FinTech space globally.
“PwC has been a partner to the program globally and we will expand this relationship in India. It is a pleasure for us to work in the FinTech ecosystem and support such a program, which lays the foundation for acceleration of innovation in the financial services industry.”, said Vivek Belgavi, FinTech Leader and Partner, PwC India.
Applications Open for Mumbai Accelerator Program
The program will provide startups with the unique opportunity to work together with Startupbootcamp partners and influential players in the FinTech industry, such as ICICI Bank, ICICI Lombard, RBL Bank, AZB & Partners and PwC, as well as leading financial services industry experts from the Startupbootcamp global network.
Startupbootcamp FinTech India will also provide mentorship, office space and access to funding and a network of industry partners, investors and venture capital firms for up to 10 selected global FinTech startups. Based in Mumbai, each successful team will also receive a €15,000 grant and office space for at least three months.
To kick off, startups from all over the world are invited to apply to present their ideas to the Startupbootcamp FinTech team at a series of Fast Track days within India in Mumbai, Bangalore, New Delhi, Hyderabad, Kolkata, Pune, as well as in Dubai, Sri Lanka and Bangladesh.
Interested startups can apply for Startupbootcamp FinTech Mumbai Accelerator Program here: https://www.startupbootcamp.org/accelerator/fintech-mumbai/