In March this year, YES Bank launched its business accelerator programme for fintech startups, called YES FINTECH to collaborate with innovative young companies in collaboration with T-Hub and Anthill and LetsTalkPayments. The inaugural edition of the 15-week programme successfully concluded on July 7 in Mumbai, at the Demo Day, where 10 participating startups from the first cohort graduated. The 10 had been chosen after a rigorous screening of 753 applicants from 18 countries.
As part of the Demo Day, each of the 10 startups had the opportunity to showcase the scalable business solutions they had co-created along with YES Bank, as part of the programme. Shradha Sharma, founder and CEO of YourStory, in her keynote address said "As entrepreneurs, I urge you to get someone you respect to beat you into shape. That is how I learnt financial prudence and much more" . Speaking of her own experiences, she advised the cohort,"I shamelessly ask for help. What's the worst that can happen? We all need to ask for help."
Five of the startups, were given Letters of Intent (LoI) on successful completion of ‘proof of concept’ and will now work on integrating the completed solutions with YES Bank. These include:
Four of the 10 graduating startups are having their solutions tested in closed user groups, following which they will move to contractual discussions. These startups are:
Over 100 corporates and several key investors were present on the occasion and expressed an interest in adopting the solutions. These included Reliance ADA, Aditya Birla Group, Future Group, eBay, Volvo, Western Union, IBM, Microsoft, TCS, Amazon Web Services, Viacom 18 and Sunpharma, among others and investors such as India Angel Network, Matrix Partners, Norwest Venture Partners, Blume Ventures, Kalaari Capital, Axilor, Nexus, FAO Ventures and Qualcomm Ventures, among others.
Commenting on the successful completion of the inaugural cohort, Rana Kapoor, MD & CEO,
YES Bank said, “We are excited about the startups, which will now come on board, and work on innovative products with access to YES Bank’s digital banking infrastructure. YES Bank remains committed to growing these dynamic partnerships, offering sector specific solutions and emerging as the banking partner of choice for startups across India.”