Breaking chains, building dreams: How SPJIMR's FinNovate Accelerator transforms BFSI

SPJIMR FinNovate Accelerator aims to foster innovation and growth in the BFSI sector by providing access to funding, mentorship, and participation, without equity requirements.

Breaking chains, building dreams: How SPJIMR's FinNovate Accelerator transforms BFSI

Thursday January 25, 2024,

3 min Read

Fintech startups in India today are actively reshaping the contours of financial services. As a result, the Indian banking and finance (BFSI) sector has undergone a remarkable transformation with fintech startups driving innovation and achieving pathbreaking milestones in digital transactions. The substantial increase in the number of fintech startups also underscores the need for initiatives like fintech accelerators, in fostering innovation, collaboration, and growth of the BFSI sector.

With this in mind, Bharatiya Vidya Bhavan’s S.P. Jain Institute of Management & Research (SPJIMR) has set up the SPJIMR FinNovate Accelerator. FinNovate is an intensive four-month acceleration programme designed to support startups in finance in the seed to Series A phase.

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Fostering innovation and collaboration

FinNovate aims to cultivate an environment conducive to developing groundbreaking ideas by facilitating the convergence of promising startups, seasoned mentors, investors, and corporate industry players. What’s more, strategic partnerships with banks, insurance firms, angel networks, VC firms, and family offices have created an ideal platform for startups to scale and grow.

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What does SPJIMR FinNovate Accelerator offer emerging startups?

1. Unrivalled Business Access: Through strategic alliances with major players in the banking and insurance sector such as HDFC Bank, ICICI Lombard, ICICI Prudential, SBI, and Federal Bank, FinNovate offers startups unparalleled access. This enables the startups to showcase their ideas to a broader audience while also building industry partnerships and B2B connects.

2. Fundraising Opportunities: FinNovate is engaged with over 40 investors which include angel networks, VC firms, family offices, and corporate investors. Through these engagements, FinNovate offers a robust platform for fundraising for startups. Some of the marquee names that participated in the latest demo day include Mumbai Angels, Ah! Ventures, Venture Catalysts, Jupiter Money, 3One4 Capital, Pentathlon Ventures, Prime Ventures, IIFL, Blume Ventures, and Premji Invest, among others.

3. Transformative mentorship: Startups benefit from the personalised guidance provided by industry CEOs, seasoned entrepreneurs, investors, and subject matter experts, constituting the distinguished 30+ CXO mentors of FinNovate. The startups that have graduated from FinNovate vouch for the transformational impact created by these mentors.

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4. Cutting-edge curriculum: The FinNovate team has meticulously crafted an exceptional curriculum to empower startups in solidifying their product-market fit and establishing a robust foundation for rapid scaling. Spanning over 30 hours across five modules, this curriculum is fortified by insights from industry experts, providing startups with pioneering strategies for sustainable growth.

5. Network Advantages: With three in-person residencies at SPJIMR campus in Mumbai, founders get an opportunity to enhance their network amongst startups, mentors, and investors. In addition, start-up founders also get to leverage the wider FinTech community associated with SPJIMR.

6. FinNovate Plus: FinNovate Plus, is an exclusive 12-month programme offered to some of the outstanding startups that graduate from the main FinNovate Accelerator Program. The primary emphasis is on fundraising, catalysing impactful outcomes, transformations, and pivots. Each participating startup is paired with dedicated mentors. The programme sets and guides startups through 12 milestones from inception, ensuring a structured path to success. Monthly progress calls ensure accountability, while routine investor pitches hone storytelling and pitching capabilities.

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Unique opportunity for startups

The SPJIMR FinNovate Accelerator distinguishes itself by offering selected startups the opportunity to participate without giving up any equity or paying any fees. The platform can propel BFSI startups towards unprecedented success.

As the BFSI sector continues to evolve, the accelerator will remain at the forefront, shaping the future of finance through innovation, collaboration, and unwavering support for visionary entrepreneurs.

Keen to explore the transformative possibilities with SPJIMR FinNovate Accelerator?