India: YES Bank selected 12 startups for its inaugral fintech business accelerator programme. SoCash, Signzy, Rupeeseed, Redcarpet, R1mo, Paykey, Numberz, Morph.Ai, FRS Labs, Click and Pay, Authme, Anytime Loan are the 12 startups selected by YES Bank.
These startups have been working on fintech transactions, lending, cyber security, risk intelligence, big data, analytics and other segments. They were selected by screening through 753 applications from 18 countries.
“These fintech startups, which have been recognised as disruptors and innovation leaders in their domains, will go through a 15 week program, where they can work with YES Bank. Mentoring from industry experts on creating scalable businesses from their innovative products will be provided. Besides mentoring and hand holding, these startups will also have access to funding and a supporting eco-system. Our intention to support these startups is not to fund them or acquire equity in them, but to support development of innovative solutions in fintech space. However we will use the products developed by these startups depending upon the need,” said Rana Kapoor, MD and CEO of YES Bank.
The bank already has a Head Startup programme aimed exclusively at startups. Under this, banks provide all the solutions needed for startups and more than 100 startups are part of it.
YES Bank has joined hands with Hyderabad-based startup incubator T Hub, speed scaling platform for startups Anthil for this fintech business accelerator program.
These fintech startups selected under the programme will have access to YES Bank’s more than two million retail, 10,000 small and medium entreprise and 5,000-plus corporate customers.
Funding up to $1 million has also been allocated without any upfront equity commitment.
Source: New Indian Express