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YES FINTECH: YES BANK's Business Accelerator for Fintech Startups receives phenomenal response with more than 750 applications

Posted On: 2017-02-16 19:39:03

The first cohort of YES FINTECH has received phenomenal response from the global community of Fintechs, with 753 applicants around the world. The application phase concluded on February 11, 2017. The companies represent domains like payments, lending, treasury & forex, Governance Risk & compliance, wealth management etc. and cutting across Baas/PaaS/SaaS, Big Data & analytics, BlockChain, AI -Bots, etc.

10 start-ups will be selected for the first cohort of the 15 week program commencing on March 20, 2017. YES FINTECH Accelerator - a joint initiative of YES BANK, T-Hub, Anthill and Let's Talk Payments will involve 3 week onsite interactions at Mumbai and Hyderabad and 12 weeks offsite interactions, wherein the selected startups can continue to work on their business from the home location.

YES FINTECH an extension of YES BANK's Alliances Relationships and Technology(A.R.T) philosophy will work with the fintech start-ups to:

- Support and nurture disruptive solutions in Financial services delivery
- Create scalable business and deploy innovative technologies within a collaborative framework;
- Integrating such technologies into the Bank's ecosystem by providing:

- Digital Infrastructure support (API Banking, BIN Sponsorship, etc.)
- Access to Funding (through the Bank/ its network of Investors, across PE/ VCs)
- Advisory on Go-To-Market strategies and market penetration
- Provide access to YES BANK Network of 2 million + retail, 10,000 + SME and 5000 + corporate customers
- Access to funding upto USD 1 million through VC partners without any upfront equity commitment

As part of the program outreach, YES BANK has been organizing interaction sessions across the country to facilitate engagement in the Fintech start-up ecosystem. The strategic locations were chosen keeping in view the Fintech clusters in the country.

At Hyderabad, T-Hub, , hosted the YES FINTECH meet on January 17, 2017 which was followed by a session hosted at IIT Bombay, on January 29, 2017. The third session was held at the silicon valley of the east- Bangalore on January 31, 2017 and finally the last session concluded at the New Delhi on February 3, 2017.

The YES FINTECH events has witnessed participation from over 500 Fintech startups innovating in different sectors like payments, blockchain, trade finance, etc. Key speakers included Ritesh Pai, Senior President & Country Head, Digital Banking, YES BANK, Jay Krishnan, CEO, T-Hub; Prasad Vanga, CEO- Anthill and Amit Goel, CEO- LetsTalkPayments (LTP) joined the YES FINTECH event sessions to share their views on the recent developments in the Fintech industry and a dedicated panel on the YES FINTECH program.

In addition to the key partners of YES FINTECH, these sessions saw participation from the ART partners of YES BANK - Sameer Nigam, CEO - Crownit; Lizzie Chapman, Co-founder & CEO, ZestMoney, Bala Parthasarthy, Co-founder Money Tap; Vinay Bagra, Co-founder & CEO, Niyo solutions; Mohit Lalvani, Co-founder, QwikWallet; Co-founders, Benow, Trupay and many others as well.

Shares of YES BANK LTD. was last trading in BSE at Rs.1436.2 as compared to the previous close of Rs. 1431.45. The total number of shares traded during the day was 86280 in over 3264 trades.

The stock hit an intraday high of Rs. 1446 and intraday low of 1426.75. The net turnover during the day was Rs. 123853557.


Source: Equity Bulls

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