Startupbootcamp FinTech, an accelerator program for Fintech startups has announced the top 10 startups which will be heading for the inaugural accelerator program in Mumbai as of today. The said program kicked off four months ago backed by leading names in the global financial technology community such as ICICI Bank, ICICI Lombard, RBL Bank, AZB & Partners and PwC.
Furthermore, the ten finalists have been selected from over 300 applications from roadshows across Asia, Africa, Europe, and the Middle East. Out of the over 300+ applications, only 20 startups had been able to make it to the semi-finals. Then, after 3 days of comprehensive evaluation called as Selection days, the team chose only ten.
Announcing the results, Adrian Johnson, Managing Director for Startupbootcamp FinTech, said,
We will be focusing on giving them the foundation to enhance and scale their business models and make them market-ready at the end of three months, with the support of our rich network of mentors, partners and industry experts.
The inaugural FinTech accelerator program in Mumbai is a three-month long program. Under the same, selected ventures will be provided access to pilot customers, industry data, APIs and integration support. The teams will also receive an immersive guidance from industry experts along with Startupbootcamp’s network of mentors and investors. A monetary aid of €15,000 and three months free office space in Lower Parel, at the startup hub ‘Garage’ by Jetlabs are also included in the program package.
After the end of the program, just like other 400 startups under the platform, the selected ones will be supported by the Startupbootcamp Global alumni growth program. They will also get a chance to present their respective ideas in front of 500+ investors and industry experts at the Demo Day. This will further help them get a chance at grabbing a fund raise.
Abhay Hawaldar, Advisory Director at General Atlantic and a mentor for the program excitedly said,
The FinTech Mumbai Cohort brings together more such companies, that possess a distinct understanding of the challenge they aim to solve with technology and the ambition to make it happen.
I look forward to interacting with each of the ten selected startups over the next few months, to familiarize them with the nuances of building a platform for financial services in the Indian FinTech ecosystem.
The selected startups focus on domains such as digital identities, blockchain, personal finance management, compliance and alternative data-based credit scoring. Some of these include GiftAssets, an e-platform for gifting mutual funds and ETFs; QuikkLoan, a credit scoring analytics venture; a cash flow supervising platform, GreenDeck; Propelld, an educational finance platform and five others.
GreenDeck, a selected startup amidst the top ten ventures delightfully commented,
As a group of young college graduates, we lack industry specific knowledge, connections with potential customers, and industry stakeholders. Being a part of the Startupbootcamp FinTech Mumbai Cohort will give us this much needed access.
Transforming the financial industry, it is yet to see how the FinTech accelerator program transforms the lives of selected startups. Working under the Startupbootcamp global network of 19 accelerators worldwide, Startupbootcamp’s expansion into the country aims to build on this momentum further.