Private sector bank Axis Bank yesterday announced that it has successfully completed the first unit of its startup Accelerator Program at its innovation lab ‘Thought Factory' in Bengaluru. Aimed at accelerating the development of innovative technology solutions for the banking sector, the innovation lab by the third largest private sector bank in the country announced that it has mentored a total of six startups as a part of its first cohort.

The six startups are– S2Pay, Pally, Perpule, FintechLabs, Paymatrix and Gieom. Axis bank is hopeful that these startups will be able to create breakthrough technology solutions that will be able to disrupt the banking-tech landscape in the country.

According to the innovation lab, these six startups were selected from a large pool of 108 applicants and each of the selected startups represent each of the emerging sectors that are expected to be game changers in the fintech space: Payments, Investments, Lending Analytics and Credit in rental space.

Claiming to be India's first dedicated innovation lab by an Indian Bank, the innovation hub located in Bengaluru, has an in-house innovation team and an accelerator program. The Innovation Lab works closely with the startup community that are looking to redefine banking in the digital era.

“We are proud to be the springboard for breakthrough ideas that can disrupt the banking landscape. Besides the Accelerator start-ups, the Bank, along with the Thought Factory team, has been working with other upcoming start-ups too,” Axis Bank Executive Director Rajiv Anand said.

He further added that the main aim behind the program was to accelerate the overall growth of these emerging startups along with exploring novel banking ideas with them.

Here's a bit about the six selected startups:

S2Pay: It is an Innovative mobile wallet for making payment to anyone, anytime, anywhere in a quick and safe way. Since the S2Pay application uses both, your mobile phone and your S2Pay PIN to validate a payment transaction, S2Pay becomes completely safe.

Pally: It is a new social network that connects those interested in cultural sharing, language exchange or just meeting a new friend from another country. According to the startup, the current social networks are lacking substance internationally. You can "like" someone's photo from across the world, but you will never know anything else about them - making it impossible to find true international friendships. The company aims to solve this pain by bringing back the old joy of penpalling. According to them, they're hoping to connect those people who are genuinely interested in international friendships.

Perpule: A Self Checkout product for retail outlets to enhance the shopping experience of the customers. Perpule 1Pay is a Self Checkout app for express checkouts and easy payments in Perpule's partnered stores like Hypercity, Spar etc. Scan barcodes, create cart and pay online seamlessly in the app to skip queues.

FintechLabs: The startup offers loan management software, P2P lending marketplace software, bank statement analyzer and ID proof verification software. They have built world-class software solutions that solve all the core challenges of the lenders and yet provide the flexibility to approach it in a modular way, to fit lender needs as they see best.

Paymatrix: It is an analytics-driven property rent management platform connecting thousands of tenants and landlords in India. They automate rent collection process through multitude of payment options, offer customized rental agreements and provide tenant screening services.

GIEOM: It is a cloud based software solutions and analytics company that helps its clients to bridge the gap between systems, policies, regulations and business processes. With a promise of delivering Operational Excellence to its clients, the company offers a unique Intelligent linking technology that monitors, controls and optimises the operations productivity, customer service and employee satisfaction.

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