A great part of Indians were not having bank accounts a few years back, but the Digital India initiative by the government has promoted digital banking and mobile wallets. Demonetization can be seen as an aggregating factor for this shift. This has also prompted a lot of fintech start-ups in the country which resulted in collaboration of banks and young entrepreneurs.
YES BANK is fifth biggest lenders in private sector of India. It is at the position of prominence and it collabrates and builds a strategic propinquity with a number of fintech startups. In this context, it has recently launched YES FINTECH, fintech accelerator in association with Anthill, startup advisory firm, Let’s Talk Payent, fintech platform, and T-Hub, startup incubator.
Almost 753 applications have been received by the programme from startups in 18 different countries. Then after, 11 startups were shortlisted through a painstaking process for 15-week programme. The selected companies belong to various domains of fintech, like lending, payments, cyber security, instacredit, capital markets, enterprise software, and risk intelligence.
Let’s take a glance at the 11 fintech start-ups that are included in the inaugural programme which aims at merging innovation with a successful start-up.
- Anytime Loan
The Hyderabad-based startup established by Keerthi Kumar Jain who also has a banking experience of seven years. It enables you to find a loan within a minute, anytime, at lower interest rate in comparison to regular bank loan. Its main objective is to maximize capital for lenders and minimise interest for borrowers. It serves a peer-to-peer platform where anyone can be a lender with Rs 20000 only and it takes only 20% from the lender and leave rest for them.
Singapore-based startup, found by Hari Sivan in 2015, has aim to enable people to access cash beyond ATMs. A simple process has to be followed which includes making a request for cash followed by the selection of the favorable spot like nearby physical store or merchants outlet. It is the only fintech startup that is backed by Monetary Authority of Singapore.
Gurugram-based startup, found by Sandeep Srinivasa and Kartik Venkataraman, powered by AI, profers loans to clients without bank details or credit card. It generally accesses the user data base to help them. It especially focuses on students. A large segment of Indian population is untouched by credit cards and personalized loans and this provides a good reason for the success of this startup.
Founders Saurabh Patel and Sandeep Manoharan established this Mumbai based startup with the objective to add value to pre existing business along with helping them for an innovative and robust infrstructure that will bring enhanced revenues. It assists its clients with capital market solution for institutional as well as retail business with the help of robo advisory solution and analytics engine.
Signzy, a bangalore-based startup, is a digital trust system that is responsible for identification, forgery detection, contract management systems, background checks and all with the help of blockchain technlogy and biometric signature. Ankur Pandey, Arpit Ratan, and Ankit Ratan are the founders and recently featured in forbes 30 under 30 list.
This is a security startup, founded by Vivek Mehta and Shardul Lavekar, assists companies to use AI (Artificial Intelligence) to replace or recreate password with a special pattern technology. This will help an enterprise to manage application easily and now it is not necessary to change password after every 60 days and don’t have to follow the authentication process through this technology.
Offer Markovich and Daniel Peled found this Israel-based startup that enables banks for serving peer-to-peer payment options to their clients via any messaging as well as social platform.
- Click & Pay
Click & Pay, mobile based payment solutions business, founded by Sai Sandeep and Kalyan Karteek Sadasivuni, facilitates transcations for clients that are cashless, flexible, and secure. It provides an easy way for payments using mobile.
Gurugram-based startup, found by Baskar Ganapathya, Rajeev Chari, Aditya Tulsian, has aim to help small buisnesses or startups to manage cash flow using web and mobile platforms alongwith it also provides invoices and expense management.
This serves as a conversational commerce platform that is found by Prateek Jain and Vinay Jain in 2016. It allows clients (companies and brands) to showcase their services and products on social media platforms and use the chatbot for text messages. They are involved in providing play and plug solution for clients to create chatbots that can minimize retention cost and turn acquisition easier for customers.
- FRS Labs
It serves solutions for fraud detection, identity verifictaion using AI and biometrics and cyber security. The Bangalore based startp found by Shankar Palaniandy helps banks to prevent frauds and retain good clients. It also provides eKYC solution using OTP, Face Biometrics, and Aadhar in minutes at reduced cost to banks.
Apart from this, YES FINTECH hosts FINTECHACKS, a curated mentorship session as well. The primary objective of the session subsides with the offering of such platform where startups can collabrate and be in touch with latest information and updation of ecosystem.