Startupbootcamp FinTech, the world’s leading accelerator for FinTech startups, has announced the 10 startups that are set to join their inaugural program in Mumbai. The cohort was selected after an intense final evaluation over 3 days called the Selection Days. These startups were selected from the Top 20 teams that made it to this round, after a 3.5 month long innovation scouting phase and nearly 300 applications from roadshows across Asia, Africa, Europe, and the Middle East.
The cohort will receive access to leading financial corporates in India who will provide the finalists with access to pilot customers, industry data, APIs and integration support. In addition, participants will be able to put together a world class advisory board through Startupbootcamp’s network of mentors and investors. Founders will also be put through an entrepreneurial ‘mini MBA’ syllabus, with masterclasses on essential building blocks of business, understanding the customer and ‘becoming investable’.
Each of the teams will receive €15,000 and three months free office space in Lower Parel, at the startup hub ‘Garage’ by Jetlabs. After three months intense acceleration, the teams will present their companies to over 500 investors and industry experts at Demo Day, ready to raise capital and grow their businesses. Post this, the startups will continue to be supported by the Startupbootcamp Global alumni growth programme, that supports over 400 startups worldwide.
Commenting on the announcement, Adrian Johnson, Managing Director, Startupbootcamp FinTech, said, “India is the fastest growing economy in the world today, and Startupbootcamp’s expansion into the country aims to build on this momentum. We specifically decided to venture into India with our Fintech accelerator because our global FinTech programs had been witnessing significant participation from Indian companies, with some of the most unique innovations intended to address the financial need-gap of the Indian economy. We are really excited about this years’ cohort. 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 program, focusing on accelerating startups in areas such as digital identities, blockchain, personal finance management, compliance and alternative data-based credit scoring, among others, has gained backing from influential players in the FinTech industry, such as ICICI Bank, ICICI Lombard, RBL Bank, AZB & Partners and PwC, as well as leading financial services industry experts from the Startupbootcamp global network.
Another eminent industry expert and mentor, Abhay Hawaldar, Advisory Director at General Atlantic, highlighted the significance of an accelerator in the entrepreneurial journey, saying, “Entrepreneurship is one of the loneliest professions in the world and entrepreneurs always feel the need for company of their own kind. Startupbootcamp has touched the lives of many such entrepreneurs globally, and brings with it the richest insights and industry information to benefit its expanding family of startups. 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”
GreenDeck, a cash flow monitoring tool for businesses and one of the ten startups selected to be a part of the Accelerator program, says, “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..”
FinTech is at the forefront of the transformation in the financial industry and is changing the way value and ownership is exchanged, risk is managed and transactions are performed. While this transformation is taking place across the globe, India’s growing economy and large and under-tapped consumer base provides a significant opportunity for innovation in the sector.
The ten winners, selected to for 2017 Startupbootcamp FinTech Mumbai Program are:
Doboz Solutions: A platform that digitizes the gifting experience to buy, share and exchange digital gift cards
ExpoWealth: Access to direct mutual funds along with various analytical tools to help users make informed decisions and invest in few clicks
GiftAssets: Online platform to gift mutual funds and ETFs
GreenDeck: Cash flow monitoring for businesses to manage their income, expenses and transactional analytics
RuPie: Alternative lending platform, which provides loans for personal and small business needs
Bitgram: A unified intelligence platform for digital transactions enabled by blockchain technology
ManageMyFortune: Robo advisory based curated marketplace for retail investors to find based on their past performance, client ratings or industry experience
Propelld: Educational Finance Platform
QuikkLoan: Credit scoring analytics based online loan marketplace, facilitating loans and other financial products
Zilra: Innovative cross-border remittance service
About Startupbootcamp FinTech
Launched in 2014, Startupbootcamp FinTech is the world’s largest accelerator for FinTech startups, with programs in London, New York, Singapore, Mumbai and Mexico City. Startupbootcamp FinTech programs are part of the Startupbootcamp global network of 19 accelerators worldwide, with verticals including IOT, Smart Transportation and Ecommerce.
About Startupbootcamp FinTech Mumbai
India’s first global accelerator for FinTech startups and the only programme of its kind to attract industry wide support. Based in Mumbai, it is supported by ICICI Bank, ICICI Lombard, RBL, Capital First, AZB and Partners and PwC.