YES Bank will now train and mentor 12 startups through its business accelerator program, YES Fintech. The application phase attracted 753 applicants from around the world of which the top 35 showcased their solutions over a two-day pitching session.
The accelerator has been set up in collaboration with T-Hub and Anthill with LetsTalkPayments as the knowledge partner.
The 15-week cohort will start on March 20. In the 15 weeks, selected startups will go through a three-week onsite interaction at Mumbai and Hyderabad, and a 12-week interaction from their home locations.
The accelerator program will offer mentoring to startups from industry experts. Startups will receive access to YES Bank’s entire network of customers and will also be able to integrate their technologies into YES Bank’s ecosystem. Additionally, they will also have access to funding of up to one million dollars through VC partners.
The selected startups come from domains in the Fintech space like payments, cyber security, risk intelligence, lending and alternative scoring models, and cutting across technologies like artifial intelligence and machine learning, big data analystics, chat bots and API-based SaaS solutions.
The 12 startups that made the cut are SoCash, Signzy, Rupeeseed, Redcarpet, R1mo, Israel based startup Paykey, Numberz, Morph.Ai, FRS Labs, Click & Pay, Authme and Anytime Loan.
”YES Fintech Accelerator 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, said Rana Kapoor, MD and CEO, YES Bank.
FinTech industry has emerged as an exciting place for start-ups to penetrate, says T-Hub CEO Jay Krishnan. “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,” he added.