YES FINTECH Autumn Cohort kickstarts scale-up journey of eight innovative startups

YES FINTECH, YES BANK’s fintech startup accelerator, in partnership with LetsTalkPayments and PricewaterhouseCoopers, has announced the names of the eight startups that have been selected for its second cohort, the Autumn Cohort.

Chosen from a pool of over 500 applicants, spanning over 10 countries, the eight startups are working on domains such as Alternative Lending, Digital Payments, Real-time Data Analytics, Process Automation, Smart Decisioning, Wealthtech and Invest Tech. The startups will undergo accelerated enhancement of their value quotient through product-market-fit guidance, Proof of Concept (PoC) validation and Go-To-Market advisory. Among the finalists are three global startups from Poland, Spain and Israel, that will get a chance to fast-track their expansion in the Indian market.

The selected startups include:

1. Balance Technologies

Founded in: 2016

Base: Bangalore, India

Balance is a personal savings app where petty change is saved and invested in mutual funds. Balance enables financial education and product adoption through adaptable goals

2. Karza:

Founded in: 2016

Base: Mumbai, India

Provides cloud-based solutions for lending decisions, and aims to assist lending institutions in addressing critical issues of NPAs and loan frauds by leveraging the potential of Big Data

3. Sentimer:

Founded in: 2016

Base: Madrid, Spain

Sentimer offers AI based customized solutions for customer acquisition, cross-selling and customer service through personalized and interactive experiences

4. Pingal:

Founded in: 2017

Base: Mumbai, India

Pingal Technologies builds AI solutions for financial institutions by deploying data science and analytics to enable data driven decision making and enhance business value

5. Fyle:

Founded in: 2016

Base: Bangalore, India 

Fyle is an intelligent employee reimbursement and expense automization platform. Fyle links email, consumer apps and other platforms to simplify recording, sharing and processing of expenses and invoices within an organization

6. FinBit:

Founded in: 2016

Base: Delhi, India

FinBit has the ability to intelligently analyze bank statements through its AI platform. This AI can assist an underwriter in understanding a customer’s financial behavior and thus determine loan eligibility 

7. bNESIS:

Founded in: 2016

Base: Warsaw,Poland

bNESIS is a unified API service that reduces the complexity of integration with multiple clouds, social, payment, analytics and other services into mobile apps

8. Dov-E:

Founded in: 2013

Base: Tel Aviv, Israel

Dov-E’s patented technology utilizes sound waves to provide secure, quick, easy-to-use mobile payment and interactive mobile engagement on any platform, such as POS devices at retail outlets, digital screens, e-commerce, TV, radio and vending machines

Speaking about the objective of YES FINTECH at the launch of the Autumn Cohort, Aseem Gandhi, Senior President & Global Head, YES Accelerator, YES BANK, says, “Our whole focus as an organization is three fold- simplify, scale and synergies. So whatever simplifies the ease of doing business for our customers or improves operational efficiency is what we focus on. The focus from our side is to look at ‘future now’ strategy. Some technologies are futuristic- so how do we bring them to the present for the bank as new technologies at times make life easier for the customer.”

The selected startups will get a funding option of $1 million via VC partners without any upfront equity commitment to YES FINTECH, access to over 200 YES BANK APIs, mentorship from global sectoral experts, competitive advantage through access to over 2 million retail and 10,000 corporate clients of YES BANK, exclusive international exchange programmes though which startups can visit foreign markets to understand the global fintech landscape, and avenues for market entry by leveraging YES FINTECH’s 20+ global partnerships.

In November 2017 YES FINTECH won the ‘Accelerator of the Year’ award at the India Fintech Awards (IFTA) 2017.