India Fintech Forum Has Selected Startups From 7 Countries Out Of 200 Applications
The India Fintech Awards, an initiative of India Fintech Forum has selected 20 startups from seven countries to participate in the Demo Day. The list includes startups from countries such as the US, Israel, Portugal, Belgium, UK, Singapore, and India.
The India Fintech Forum is a non-profit initiative that offers a platform for fintech companies to collaborate and voice their opinions on the relevant policy issues. The India Fintech Awards (IFTA) aims to celebrate and recognise the best innovations from fintech companies globally.
The selection has been made from 200 applications and startups has been selected in the ratio of 1:10. The selection process included application evaluation and personal interviews by the program advisors. The list includes eminent names such as Rana Kapoor, Founder & CEO, YES Bank; Saurabh Srivastava, Founder of Infinity Venture, TiE New Delhi NCR & former Chairman of NASSCOM; Dr. Ganesh Natarajan, Executive Chairman & Founder of 5F World, former CEO of Zensar Technologies and Jitendra Gupta, MD, PayU India & Founder, Citrus Pay.
Of the selected startups, over 70% startups are from India. As cited by India Fintech Forum in an official statement, “Indian fintech firms have unique opportunities with the India Stack (Aadhar, UPI, etc.), which are not available anywhere else in the world. Government policies and regulations by important institutions like RBI, SEBI, IRDA etc. will play a major role in shaping the fintech sector.”
Here Are The Selected 20 Startups
PaySense: Based out of Mumbai, India, PaySense provides credit using advanced data sciences. It offers individuals credit options ranging from INR 5,000 to INR 1 Lakhs. The credit scoring and documentation process is done by leveraging the India Stack. Users can avail EMI plans to make any purchase online and offline.
ZestMoney: ZestMoney enables instant account opening and real-time credit approval, combined with digital loan servicing and repayments technology. The Bengaluru-based startup offers enrollment and real-time approval process, integrated with the ecommerce check-out.
Capital Quant Solution: A New Delhi-based fintech startup, Capital quant offers products based on unstructured data extraction and analysis for financial services
Amigobulls Inc: Based out of Bengaluru and California, Amigobulls is a YouTube-like platform for stock market news, views and analysis videos, where analysts and amateurs can create their own stock analysis videos.
Finvasia: Chandigarh-based fintech startup Finvasia has a diversified business model, offering services ranging from asset management, investment banking, and capital market advisory, currency hedging to brokerage services in commodities, equities, and derivatives. The company advises clients on investments in fourteen countries, ranging from Australia to Brazil and everything in between.
Finly: Based out of Bengaluru, Finly is a paperless and affordable expense management tool for businesses to simplify their expense reporting.
Payza: Canada and Mumbai-based Payza online payment platform let a user send and receive money, shop, make online payments or get paid from almost anywhere in the world.
RazorPay: Razorpay claims to be India’s first converged payment solution. It offers payment solutions for merchants with robust developer-friendly API and simple economic pricing. It is based out of Bengaluru.
MoneyTap: Touted as India’s first app-based credit line, the fintech startup is working to democratise credit in a country where 19% of the total population is still unbanked. MoneyTap is based out of Bengaluru.
Instamojo Technologies: California and Bengaluru-based micro product and services sales platform, Instamojo helps merchants set up a payment gateway in India, offers a digital wallet and is bundled with tons of e-commerce features to enable any business or individual to sell online.
Niki.ai: Niki.ai, is a bot that lets users order anything through a chat interface. Unlike other AI applications (Siri, Google Now, etc) that focus mainly on productivity, niki.ai’s focus is commerce. In the coming future, niki.ai will be powered with voice capabilities and close-knit integrations with all online platforms including web, smartphones, etc. Besides, the product will also be accessible on calls or SMS.
Capita World: An Ahmedabad-based fintech startup, Capital world is an automated finance platform, where a user can apply for a loan online and get quick approvals at lowest possible interest rates.
Onfido: Based out of London, United Kingdom, Onfido delivers next-generation background checks, helping the world’s most innovative businesses verify anyone, anywhere.
PayKey: An Israel-based fintech startup PayKey offers a social banking and mobile P2P payment solution. PayKey’s first of its kind secured payment keyboard makes everyday banking easier and more efficient than ever before.
SalaryFits: Based out of Mumbai, SalaryFits is a platform that allows financial institutions to integrate their systems with payroll information of entities, providing access to a new risk assessment tool.
InstaRem: InstaReM is a Singapore-headquartered fintech company offering cross-border money transfers to individuals and businesses.
GuardSquare: GuardSquare claims to be the global reference in mobile application protection. It is a Belgium-based startup.
FixNix Infosec Technologies: A Chennai-based startup, Fixnix provides best tools and solutions for Governance, Risk, and Compliance(GRC). Our unique expertise will help business to enhance and protect from risk.
The selected 20 startups will now showcase a live demo of their products to an audience comprising investors, bankers, entrepreneurs and corporate leaders on November 10, 2017, in Mumbai.
The evaluation framework and the judging process shall be managed by E&Y and LTP. Eminent judges who are industry leaders shall be part of the panel of judges. The winning startups will get an equity free cash prize and chance to demonstrate their product at Paris Fintech Forum in January 2018.