Earlier in the year, we broke you the news about how YES BANK has launched YES FINTECH – a unique business accelerator program in collaboration with T-Hub and LetsTalkPayments (Read Here). And now, within just two months of being live, the accelerator has announced the names of the 12 selected startups that are all set to join its inaugural cohort.
The accelerator received 753 Applications from 18 countries around the world and after a two month long application and screening process, it selected its Top 35 startups. These startups were then invited for an in-person demo, selection process to the YES FINTECH Accelerator Management Team. After this, the number was brought down to Top 12.
The 15 week Cohort, which launched on March 20, 2017, will include 3 onsite weeks in Mumbai and Hyderabad and the 12 offsite weeks where the startup can continue to work from its home location.
The selected startups are from fintech domains like cyber security, payments, lending and alternative scoring models, insta-credit, risk intelligence, capital markets and enterprise software and cutting across technologies like blockchain, big data and analytics, biometric and alternative authentication, Artificial Intelligence and Machine Learning, API based SaaS solutions, chatbots etc.
Over the 15 weeks cohort, the start-ups will receive:
• Mentorship and guidance from industry experts on how to create a scalable business from their products and 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) and advisory on Go-To-Market strategies and market penetration.
• Access to funding of upto USD 1 million through VC partners without any equity commitment.
• Access to YES BANK Network of 2 million + retail, 10,000 + SME and 5000 + corporate customers.
The 12 fintech startups, selected to the inaugural cohort are:
RedCarpet: Founded in the year 2015, the startup lends to customers to finance their online purchases – ecommerce, groceries, travel, etc. In India, credit and finance companies are able to service less than 3% of the customer base because there is no data, no widespread credit bureaus to profile and score customers. The Y Combinator summer 2015 graduate claims to have an access to much more data which it puts to use to service customers who never had any access to credit before.
Numberz: The startup is working towards simplifying the process of running businesses by seamlessly integrating business workflows with banking services. The startup claims that it offers business owners a common-sense approach to cash flow management.
Morph.Ai: Morph.ai is an end-to-end solution that aims to empower companies to make their services available over websites, apps and messengers by making use of natural language understanding and artificial intelligence (AI) powered chatbots. A part of Nasscom 10000 startups, Morph.ai helps businesses in making, deploying and training their own chatbots so as to better engage with their customers. In what could be considered as a big achievement, the startup is currently powering Manchester City chatbot.
Anytime Loan: An alternate lending platform, which offers its consumer loans and MSME business loans using Data Science, Artificial Intelligence, Robotics and Predictive Science tools in order to create Alternative Scoring and KYC models.
Click & Pay: As the name suggests, the startups enables its users to make payments across offline stores, at restaurants and for all transportation means by offering them deals before they make the payment. It provides users easy payment options by making transactions cashless, secure and flexible.
Authme: The startup is making an innovative use of Artificial Intelligence to replace passwords with unique pattern technology and bring security and UX together.
Signzy: The startup makes use of a unique combination of Artificial Intelligence and advanced cryptography to provide a digital on-boarding solution for banks, NBFCs and several other financial institutions. The startup aims to make digital regulatory processes secure, simpler and more compliant than ever.
The year 2016 was an extremely successful one for the startup as it won several laurels and awards. It won the Payment System Innovation Contest 2016 IDRBT competition, which was sponsored by RBI and also became one of the 400 startups recognized by DIPP.
SoCash: A cash management platform for banks, it creates small network of merchants in order to make cash accessible beyond ATMs.
R1mo: The startup claims to be the first FX B2B marketplace in India that is making use of blockchain technology to offer its clients a customised distributed financial technology solution that interfaces with existing systems/processes for cross-border payments
FRS Labs: A Bengaluru-based startup, FRS Labs is working on fraud detection, cyber security and identity verification using Artificial Intelligence and biometrics.
Rupeeseed: The 2011 born startups provides capital market solutions for retail and institutional trading using robo advisory and analytics engine.
Paykey: An Israel-based startup, Paykey is working towards making banking as simple and frictionless as possible through an integrated in-app keyboard which gives users an option to make payments while using any app.