The technology landscape in India is growing, and not without help. India has developed an organized ecosystem that is enabling startups in every step of their growth journey.
India has the third-highest number of startup incubators and accelerators in the world after China and the US, according to a report by IT industry body NASSCOM. And business is booming- in January and June of 2017 $5.5 Billion dollars were invested in Tech startups in India.
While traditionally the prowess of state universities, a host of corporations are now starting to encourage such innovation programs. The FinTech area in particular is benefiting from patronage from banks, co-creating solutions bank-sponsored in accelerator or incubators. OurCrowd is proud to be partnering with one particularly promising Indian accelerator from YES BANK, India’s fifth largest private sector Bank, to enhance their January 2017 cohort of startups for their new accelerator, YES FINTECH.
YES FINTECH, which has graduated a successful inaugural Cohort, in which 9 out of 10 startups ended up with a successful PoC and 5 are preparing to go to market, offers unique benefits to startups. YES FINTECH does not take equity in their startups, but supports key milestones like business expansion and access to funding, both in initial and scale up phases. Moreover, YES FINTECH provides access to a potential banking client- YES BANK, including the YES BANK corporate, retail and SME customers. FinTech solutions can be tested directly with the Bank, and the startups also get access to the bank’s more than 200 APIs.
YES FINTECH is also providing a co-working space for a year after the cohort program ends in their Indian headquarters, a great perk for global startups looking to expand into the Indian market. In their summer cohort, YES BANK ended up working with Paykey (Israel), which is a digital payments solution, across all social media platforms, and soCash (Singapore), which is building a cash distribution network via merchants.
Other YES FINTECH partners include MaGIC (Malaysia), Lattice80 (Singapore), Nestholma (Finland), Holland Fintech (Netherlands), and QC Fintech (US), amongst other major global Fintech hubs. These bridges are mutually beneficial for startups, both sourcing FinTech potential from these countries, while also providing YES FINTECH affiliated startups an opportunity to expand into these markets.
OurCrowd encourages Israeli Fintech startups to look into this tremendous opportunity- the Autumn cohort applications are open now!
See more from our partner and apply now at www.yesfintech.com.