The Andhra Pradesh government supported financial technology-focused eco-system, Fintech Valley Vizag in conducting its first accelerator programme with eight start-ups. These new eight were selected from 20, which were shortlisted, through a process of personal interactions with the startups.
The accelerator programme envisages a 12-week residential orientation and the attendees will be provided access to technology and guidance on fund-raising and on matters legal. In addition, each of them will also be eligible for a Rs. 4 lakh grant. The selected startups are operating in different domains. A brief sketch of those eight companies are as below:
GyanDhan: This specialises in syndicating overseas education loans and students can access the different funding options to fund their higher education.
Moneytor: This is a Mumbai-based company working towards improving the efficiency of the stressed receivables recovery market using machine learning technologies.
Incremint: Incremint runs an online platform for financial products which can be cross-sold on their site by different financial advisors. They are headquartered in Delhi.
TAQBit: Based out of Bangalore, TAQBit is into cybersecurity solutions for enterprises and uses quantum technology to build their products in this space.
iProov: This is a London based startup and its special capabilities include face recognition-based authentication solutions and some of the vertical they are associated with include healthcare, ecommerce and financial services.
Nanobi: Business analytics is this company’s forte and they focus on the SME sector to offer their services.
FingPay: This startup is also based out of Mumbai and facilitates point of sales payments through e-wallets or even bank accounts by using finger scan.
Heckyl Technologies: They are also in the same analytics space, offering data analytics of both structured and unstructured data. Financial institutions can also draw on their high-end analytics capabilities.
Fintech is one area the government of Andhra Pradesh appears to be keen on developing in the state and is even working towards creating a fintech fund for this purpose.