Fintech incubator Afthonia Lab, YES BANK partner to help startups develop APIs and test ideas
Indian fintech incubator Afthonia Lab on Thursday said it has partnered with YES BANK to helps its portfolio startups develop their APIs in a sandbox environment and test their solutions in real-time.
The startups in Afthonia Lab's cohort will also be able to access mentors at YES BANK, and in exchange, help the bank digitise its processes.
Launched in 2019 by Tanul Mishra, Afthonia helps fintech startups through their business development cycles — right from finding a product-market fit to accessing investors and raising funds.
"I believe that while startups bring in the agility, banks can offer the power of scale. Partnering with like-minded, tech-driven leading banks such as YES BANK is a step forward in helping Indian fintech startups claim the stage of innovation and deliver on their ideas to create a lasting impact," she says.
Tanul set up Afthonia after she realised there was a dire need for a vertical-specific approach to solving the needs of an entrepreneur. The incubator works with entrepreneurs who have a startup idea even at the POC level or idea stage.
Tanul, founder of Afthonia Lab
At present, Afthonia Lab's incubation programme has Tarrakki, Earnvestt, Niivo, Monech, and Blipstech in its portfolio.
The incubation instead of charging companies a fee upfront, Afthonia Labs works on a percentage of equity, tying its success to that of the startups it incubates — a philosophy not many in the industry ascribe to.
"As the (financial) industry is undergoing a paradigm shift, we believe partnerships and collaborations are critical in the digital-first era to remain ahead of the curve. We are committed to working with the most innovative technology providers and push the boundaries to provide customers with an improved digital experience," Ajay Rajan, Country Head - Transaction Banking, YES BANK, said in a press statement.
Institutional banks and financial services firms are increasingly partnering with fintech companies to embark on their digitisation journies. The partnership between Afthonia Lab and YES BANK will not only help young startups test their models in a real-world scenario but also accelerate YES' aim to become a tech-driven, digital-first national bank.