Startupbootcamp FinTech, the global accelerator for fintech startups, has announced the names of the 10 startups that will join its inaugural programme in Mumbai. The cohort was selected after a final evaluation over three days called ‘Selection Days.’
Speaking on the development, Adrian Johnson, Managing Director, Startupbootcamp FinTech said, “India is the fastest -growing economy in the world today and Startupbootcamp’s expansion into the country aims to build on this momentum. We specifically decided to venture into India with our fintech accelerator because our global FinTech programmes have been witnessing significant participation from Indian companies, with some of the most unique innovations intended to address the financial need-gap of the Indian economy.”
Launched in 2014, Startupbootcamp FinTech is focussed on financial innovation.
The programme, focussing on accelerating startups in areas such as digital identities, blockchain, personal finance management, compliance and alternative data-based credit scoring, among others, has gained backing from players in the fintech industry, such as ICICI Bank, ICICI Lombard, RBL Bank, AZB & Partners and PwC, as well as financial services industry experts from the Startupbootcamp global network.
The 10 startups were selected from the Top 20 teams that made it to this round, after a three-and-a-half-months-long scouting phase and nearly 300 applications from roadshows across Asia, Africa, Europe, and the Middle East.
What The Selected Startups Get
The intensive 3+1 month programme provides startups with an intense, structured mentorship, office space in Mumbai, funding, and access to a global network of investors and VCs.
Furthermore, the startups will connect with leading financial corporates in India who will provide the finalists with access to pilot customers, industry data, APIs, and integration support. In addition, participants will be able to put together an advisory board through Startupbootcamp’s network of mentors and investors. Founders will also be put through an entrepreneurial ‘mini MBA’ syllabus, with masterclasses on essential building blocks of business, understanding the customer and ‘becoming investable’.
Each of the teams will receive nearly about $16 K (€15,000) on 6% equity. Apart from this, startups will be given three months free office space in Lower Parel, at the startup hub ‘Garage’ by Jetlabs. After three months intense acceleration, the teams will present their respective pitches to over 500 investors and industry experts at Demo Day, ready to raise capital and grow their businesses. Post this, the startups will continue to be supported by the Startupbootcamp Global alumni growth programme, that supports over 400 startups worldwide.
Here is the list of 10 startups who got an entry ticket for 2017 Startupbootcamp FinTech Mumbai Programme :
Doboz Solutions: The startup digitises the gifting experience to buy, share, and exchange digital gift cards.
ExpoWealth: The startup enables its users to get direct access to mutual funds along with various analytical tools to help them make informed decisions and invest in a few clicks.
GiftAssets: It is an online platform to gift mutual funds and ETFs (Exchange Traded Funds).
GreenDeck: The startup is cash-flow monitoring for businesses to manage their income, expenses, and transactional analytics.
RuPie: It is an alternative lending platform, which provides loans for personal and small business needs.
Bitgram: The startup is a unified intelligence platform for digital transactions enabled by blockchain technology.
ManageMyFortune: It is robo-advisory based curated marketplace for retail investors to find based on their past performance, client ratings or industry experience.
Propelld: This startup provides income dependent education loans to student borrowers based on proprietary credit scoring algorithms to evaluate a students’ potential.
QuikkLoan: The startup is a credit-scoring, analytics-based online loan marketplace facilitating loans and other financial products.
Zilra: The startup provides innovative cross-border remittance service.