Startups will receive mentorship from industry experts, integration of their technologies into YesBank’s ecosystem through digital infrastructure support, access to funding, advisory to go-to-market strategies and market penetration.
Yes Bank’s business accelerator programme for FinTech startups Yes FinTech has selected 12 startups to join its inaugural cohort. They were selected from 35 startups that showcased their solutions to Yes FinTech leadership over a two-day pitching session after a month-long application phase that received 753 applications around the world.
The accelerator has been set up in collaboration with T Hub, Anthill and LetsTalkPayments.
The 12 startups selected are from domains like payments, lending and alternative scoring models, insta-credit, cyber security, risk intelligence, capital markets and enterprise software and technologies like artificial intelligence and machine learning, big data and analytics, biometric and alternative authentication, blockchain, chat bots, API-based SaaS solutions etc..
They will go through a 15 week programme which will involve three 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.
In the sessions, the startups will receive mentorship from industry experts, integration of their technologies into YesBank’s ecosystem through digital infrastructure support, access to funding, advisory to go-to-market strategies and market penetration. They will also have access to Yes Bank’s network of two million retailers, 10,000 plus SMEs and 5,000 plus corporate customers and will have access to funding upto $1 million through VC partners without any upfront equity commitment
The 12 winners, selected to the inaugural cohort are SoCash that is creating the largest network of small merchants to make cash accessible beyond ATMs; Signzy – 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 provides capital market solutions for retail and institutional trading using robo advisory and analytics engine; Redcarpet uses alternative social and digital scoring for insta-credit to new to credit and non-bureau consumers; R1mo is the first FX B2B marketplace in India using blockchain technology offering clients a customised distributed financial technology solution that interfaces with existing systems/processes for cross-border payments.
Other startups include 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 is simplifying running the business by seamlessly integrating business workflows with banking services; 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 works on cyber security, fraud detection and identity verification using biometrics and AI; Click & Pay makes payments transactions cashless, secure and flexible; Authme: AuthMe is using AI to replace passwords with unique pattern technology and bring UX and security together.
Anytime Loan is an alternate lending platform that offers consumer and MSME business loans through use of AI, Data Science, robotics and predictive science tools so as to create alternative scoring and KYC models.
FFB is a not-for-profit platform that engages different types of financial institutions of the country; assist them in their journey to reach next level