India's fifth largest private sector bank YES Bank in collaboration with T-Hub and Anthill has launched a business accelerator program called YES FINTECH for fintech startups in India. The program is aimed at collaborating with startups to bring financial solutions that can help bank deliver services on the go.
The applications are open to all the startups till February 3, 2017. The top 12 selected startups will finally enroll in a 15 week dual destination program, split between Mumbai and Hyderabad.
YES BANK says that it has been collaborating with and supporting more than 100 Fintech start-ups in the India to provide innovative financial solutions to its corporate, SME and retail customer base as part of its alliances, relationships & technology approach to digitised banking.
Yes bank says that the YES FINTECH Accelerator program will further augment this approach and help the bank co-create disruptive innovations in the financial inclusion, MSME focused solutions, payments, lending, compliance, risk management, trade finance, capital markets and Forex & Treasury space.
“This is a truly one of a kind program which provides all start-ups in the program with access to YES BANK's digital banking infrastructure as well as our robust customer network, while requiring zero upfront equity commitment from start-ups,” said Rana Kapoor, MD & CEO, YES BANK.
“This program will also give startups a chance to co-create innovative solutions for YES Bank's customers, while also giving them access to expert mentors, a global network of investors and VCs and guidance on ways to scale up their venture,” said Jay Krishnan, CEO, T-Hub.
The Fintech sector graph has seen a quick upward rise over the years and 2016 saw about 137 fintech startups being funded for over $512mn. Creating a space for this sector to grow faster and better is key believes Anthill, a speed scaling platform for early growth stage startups. Prasad Vanga, founder and CEO, Anthill says, “We will open up different channels of customer acquisition for the startups, help in product refinement and developing new market entry strategies. By the end of the program, we also aim to introduce the startups to our vast network of global funds and family offices.”
