It’s been a busy two days for the innovation programme of YES BANK – YES FINTECH. At the ISME Ace in Lower Parel, Mumbai, the top management of YES BANK were busy listening to pitches of over 30 startups on Nov 21 and Nov 22 as they selected the next batch of 10-12 fintech startups that will join the autumn cohort of the accelerator.
YES FINTECH recently won the ‘Accelerator of the Year’ award at the India Fintech Awards (IFTA) 2017 in its launch year itself. YES FINTECH become the only Indian Fintech accelerator to be adjudged best in the industry among several corporate and other seed accelerators globally, for promoting innovation and disruption.
It was in January this year that YES BANK had announced the launch of its business accelerator programme – YES FINTECH (YFA) for fintech startups. YES BANK was looking at co-creating innovative solutions and assisting in bringing those solutions to the bank’s retail and corporate customers. The month of March saw it announcing the name of the first 10 startups that joined its inaugural cohort- including two global fintech startups – So Cash from Singapore and Paykey from Israel
Building on from the first cohort, the autumn cohort of YES FINTECH received overwhelming participation from global startups. As per the bank, over 500+ applications were received from across the globe including 162 global applications which were then carefully scrutinised to shortlist 33 startups from 10 different locations including international ones such as Israel, Hong Kong, Singapore, mainland Europe, London, and South Africa.
These primarily focus on B2B payments, process automation, digital banking, lending, Wealthtech and Investech, analytics, and cyber security. After the pitching sessions, a final of 10-12 shortlisted startups will make it to the 15-week programme that aims to provide an ideal springboard to graduate from innovative products into scalable businesses, along with access to YES BANK’s digital banking infrastructure as well as its robust customer network.
So what exactly is YES BANK looking to achieve through the second cohort of its accelerator programme? Aseem Gandhi, Senior President & Global Head, YES Accelerator spoke exclusively to Inc42 on the aspirations of the accelerator program.