Telangana government-backed T-Hub, in collaboration with the Department of Science and Technology (DST) and National Payments Corporation of India (NPCI), has launched Fintech Accelerator Programme for startups working in the digital payments sector.
T-Hub has also set up an NPCI’s txnnxt hub at its premises on November 26, to enable startups the access of the latest technological advancements in digital payments.
The three-month-long Fintech Accelerator Programme will be presented by DST, as a part of its National Initiative for Developing and Harnessing Innovations (NIDHI) acceleration scheme. The programme will be later executed by T-Hub and NPCI to help Indian startups enhance their productivity and scale up operations.
The selected startups will get the opportunity to pitch their innovations and get mentored by NPCI and T-Hub. Interested fintech startups, which are working in the digital payments sector, can submit their applications from November 26, 2019 to January 5, 2020.
How Will T-Hub’s Fintech Accelerator Programme Help Startups?
The list of shortlisted startups will be announced on January 19, 2020. The selected startups will get the opportunity to pitch their ideas on January 31, 2020. The programme will begin on February 17, 2020, and go on till April 16, 2020.
T-Hub’s Fintech Accelerator Programme will be focusing on three areas — enhancing UPI 2.0,
Deeptech for digital payments and mobility card to encourage micro-payments for financial inclusion.
The final cohort will get a chance to do the following:
- Collaborate with NPCI and work with top-level management of the statutory body to scale up the startup and ensure expansion
- Get access to NPCI retail payments application program interface (API) for product development
- Get mentored by T-Hub’s network of mentors, industry experts, investors, service providers, community/ecosystem
During the programme, experts from NPCI will organise seminars, workshops, mentoring sessions, and community events to train startups on product development in the fintech domain.
Ravi Narayan, CEO, T-Hub, said, “India has solidified its position as the world’s second-largest fintech hub, and startups have played a crucial role in changing the face of financial services of the country. The fintech space is expanding rapidly, and the digital payments segment in India is expected to reach $135.2 billion in 2023 from $64.8 billion this year.”
Incorporated in 2015, the Hyderabad-based T-Hub is an incubator for startups. Since then, T-Hub has supported over 1100 national and international startups by giving them access to better technology, talent, mentors, customers, corporates, investors and government agencies.
Last month, T-hub also launched its startup booster programme, Trestle, in collaboration with FalconX Inc. The programme was rolled out to provide growth opportunities to early-stage startups.