Startupbootcamp, the sprawling global network of industry-focused startup accelerators, proclaimed the launch of its Startupbootcamp FinTech program in Mumbai. After having been majorly successful in London, Singapore and New York, the evolution of the FinTech program to Mumbai marks coverage of the three main FinTech hubs around the world, as well as an expansion to commercial capital of the fastest growing economy.
Startups can start applying to be part of the program from the 28th of September, while the accelerator itself will begin in the early part of 2017.
ICICI Bank, as a founding institution, will play the role of mentor to the winning companies. It will also help them improve upon their business plans and products. As a part of the partnership, the bank will also pick up equity stake in these companies. Ms Abonty Banerjee, Senior General Manager & Head- Digital Channels, ICICI Bank, is delighted about this initiative,
ICICI Bank has always been at the forefront to provide opportunities and avenues to the young Indians. We are delighted to partner with Startupbootcamp and see the fascinating ideas that come from the young Indian’s and play a role in their journey.
This venture has come at a ripe time, since the Indian economy, with its spirit of innovation and hefty consumer base, has breathed life into FinTech as a young but nevertheless rapidly growing sector. This could also be a result of financial inclusion being a growing theme and priority within FinTech, particularly within the developing world, where millions require access to basic financial services offerings such as bank accounts. This is where India’s interest comes in, since the FinTech community has a huge role to play in helping build a bridge out of poverty. The program also features InsurTech, another climbing feature in the sector.
Mr. Alok Vajpeyi has been appointed as the Chairman of this new program, which is backed by leading names in the global financial technology community such as ICICI Bank, ICICI Lombard, RBL Bank, AZB & Partners and PwC. Startupbootcamp FinTech provides an opportunity to global startups working in financial technology to apply to take part in the three-month accelerator program.
Sanjay Sharma, Chief Information Officer, RBL Bank commented,
We are happy to tie up with the Startupbootcamp Fin Tech accelerator program in India to partner with startups for developing cutting edge technologies that are responsive to the fast-evolving needs of Indian customers.
Other stakeholders are also chiming in with their take on this venture, with AZB and Partners expressed their confidence in FinTech ventures in India. While, PwC has chosen to expand its global relationship with Startupbootcamp FinTech and as global partners, they are working together to develop trend reports looking at developments in the FinTech and InsurTech space, building on Startupbootcamp’s expertise in developing early stage companies.
Vivek Belgavi, FinTech Leader and Partner, PwC India, said,
Cutting-edge technology is reshaping the financial services industry in India. Technology disruptions and innovations are removing the barriers and issues related to infrastructure and inclusion, and are enabling the financial services industry to serve a previously untapped clientele as well as improve service to present ones. The Startupbootcamp program has been instrumental in giving wings to startups and enabling them to grow in the FinTech space globally.
APPLICATIONS NOW OPEN
Startupbootcamp FinTech India will also provide mentorship, office space and access to funding and a network of industry partners, investors and venture capital firms for up to 10 selected global FinTech startups. This initiative will be based in Mumbai, with each successful team set to receive a €15,000 grant and office space for at least three months.
To kick off the process, startups from all over the world are invited to apply to present their ideas to the Startupbootcamp FinTech team at a series of Fast Track days within India in Mumbai, Bangalore, New Delhi, Hyderabad, Kolkata, Pune, as well as in Dubai, Sri Lanka and Bangladesh.
Interested startups can apply for Startupbootcamp FinTech Mumbai Accelerator Program here. Applications will remain open until 20 December 2016.
Startupbootcamp was founded in 2010 in Copenhagen with the core idea of supporting the world’s best entrepreneurs as they grow their startups. It recently concluded its Singapore edition on a high note.
During the 3-month program, startups meet over 100 partners, investors, and mentors who take a hands-on role in helping the company develop their product, validate their business model, secure pilot customers, and raise funding. The acceleration phase ends with Demo Day, where the startups meet over 500 investors, partners, and mentors during the final celebration.