Startupbootcamp (‘SBC’) FinTech Mumbai kickstarted its acceleration program in Mumbai on 1 March 2017. The London headquartered accelerator had started its scouting and partnership efforts in India in late 2016.
India is currently the fastest growing economy in the world and its startup ecosystem is booming. Further, the government’s focus on supporting startups along with a strong push towards digital payments has made India prime territory for FinTech innovation. While more than 100 startup accelerators and incubators are recognised by the Indian Government, most of these are domestically focussed. In contrast, SBC is a global family of industry themed, vertically focused startup accelerators which currently runs 16 programs worldwide. SBC FinTech programs are based in London, New York, Singapore and Mexico City. Apart from FinTech, SBC runs programs focussed on Smart Cities (Amsterdam), Digital Health (Berlin, Chengdu, Miami), IoT (Barcelona) and Food Tech (Rome, Eindhoven).
SBC is the largest startup accelerator in Europe and one of the top 3 in the world, with programs on numerous continents and a global network of partners, mentors and investors spanning hundreds of cities around the world. SBC’s programs participate in over 100 FastTrack events and technology conferences all over the world each year.
For its first program in India, SBC FinTech Mumbai selected its cohort after scouting more than 300 startups from across the world and incorporating feedback from its partner, investor and mentor networks. The selected startups offers a rich mix of technology driven solutions, including amongst others, blockchain based applications, digital identity management and business intelligence products. The following startups have made in into the final 11 that SBC will be accelerating for the next 3 months:
Canopi: Online marketplace for invoice discounting
Doboz: A platform that digitizes the gifting experience to buy, share and exchange digital gift cards
Expowealth: Technology: Access to direct mutual funds along with various analytical tools to help users make informed decisions and invest in few clicks
Greendeck: Cash Flow monitoring to business to manage their income, expenses and transactional analytics
Bitgram: A unified intelligence platform for digital transactions enabled by blockchain technology
Manage My Fortune: Robo advisory based curated marketplace for retail investors to find based on their past performances, client ratings or industry experience
mTrakr: A next generation portfolio management application
Propelld: Educational Finance Program
Quickkloan: Credit scoring analytics based online loan marketplace, facilitating loans and other financial products
Rupie: Alternative lending platform, which provides loan for personal and small business needs
Zilra: Innovative cross-border remittance service
SBC FinTech Mumbai, which started accelerating its first cohort on 1 March 2017, has partnered with leading banking and consulting organisations such as ICICI Bank, RBL, Capital First and PwC. These organisations dominate the FinTech industry landscape in India and provide access to deep sector expertise and broad stakeholder networks. Through the program, SBC’s corporate partners are able to gain deep insights into the FinTech marketplace, accelerating their own efforts of bringing innovative solutions back to the organisation, while startups gain an opportunity to connect with hundreds of local investors, partners, and mentors.
Further, the mentor network that SBC has brought together is truly world class. Having an active, enthusiastic group of industry stalwarts advising fresh minds on a variety of topics not only increases the odds of success for startups, but also offers the partner organisations rich feedback regarding the goals and strategies being considered by each organisation. The mentors benefit by coming together with their peers from across organisations and backgrounds, increasing their own knowledge and social capital, thus creating a strong value proposition for the whole ecosystem.
Bhavik Vasa, Chief Growth Officer at ItzCash and a mentor of the SBC FinTech Mumbai program shared this thought during the SBC Selection Days event held from 18-20 January 2017:
“I have witnessed a wealth of ambition and innovation during the Selection Days, not only from India but also from South Africa, Israel and Singapore. The readiness of startups for a boot-camp like this, coupled with the strength of their innovation to address the existing issues in India have been key factors in their selection. I look forward to interacting with each of the 10 selected startups more over the next few months, to familiarize them with the nuances of building a platform for financial services in the Indian FinTech ecosystem.”
Watch this video to get a glimpse of our first Selection Days event:
One of the key differentiators of SBC programs is the vertical focus on key innovation market segments such as Digital Health, Smart Cities, IoT and FinTech. By being vertically focussed, SBC programs are able to gain a deep understanding of each industry, consolidating best practices and learnings from across the world. Startups joining an SBC program are able to immediately leverage unrivaled global support, providing them with a landing point in every major metropolitan city. The entrepreneurs are able to connect with like minded peers from across the globe, and become part of an international family dedicated to making each startup become world class.
The acceleration will culminate with a Demo Day event on 1 June 2017.