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Yes Bank names 12 firms for fintech accelerator program

Published 22 March 2017

Yes Bank’s business accelerator program for Fintech Startups, Yes Fintech has revealed the names of the 12 companies selected to participate in its first 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

Yes Bank MD & CEO Rana Kapoor 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"

T-Hub CEO Jay Krishnan 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."

Anthill founder and CEO Prasad Vanga 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.

Source: Company Press Release