Fintech Valley Vizag, a financial technology-focussed ecosystem supported by the Andhra Pradesh government, has announced the names of startups selected for the maiden edition of its accelerator programme.
The first cohort of the Fintech Valley Accelerator Programme will comprise eight startups operating in domains such as digital payments, online lending and alternative scoring models, capital markets, artificial intelligence and machine learning, big data, and biometric authentication. The key focus areas of the programme are financial inclusion and literacy, security and fraud prevention, and customer and risk analytics, according to information on its website.
The programme will be conducted in collaboration with corporate partners ICICI Bank and Mahindra Finance, and technology and acceleration partner Microsoft. The winners were selected from a shortlist of 20 startups that had a pitching session with the executives of these organisations.
The selected startups will undergo a 12-week residential programme, where they will be provided access to technology resources, mentoring on fund-raising and legal guidance, among other things. Besides, they will also receive a grant of Rs 4 lakh each.
Here are the eight startups that made it to the inaugural batch of the programme.
Moneytor: Mumbai-based Moneytor leverages machine learning to improve default recovery rates, boosting efficiency of the stressed receivables market.
Fingpay: This Mumbai-based startup allows customers to pay from their bank accounts or wallets at points of sale, with just a scan of the finger.
Incremint: Delhi-based Incremint provides financial advisors a platform to cross-sell products to their clients.
GyanDhan: GyanDhan is an online marketplace for financing of overseas education loans.
TAQBit: Bangalore-based TAQBit offers cybersecurity solutions for enterprises using quantum technology.
Nanobi: Nanobi is an analytics product company that caters to small and medium-sized enterprises.
Heckyl Technologies: Mumbai-based Heckyl Technologies analyses structured and unstructured data in real time, and offers high-end analytics products to financial institutions.
iProov: London-based iProov provides face recognition-based authentication solutions that can be used in financial services, healthcare and e-commerce.
The Andhra government is sharpening its focus on the fintech space. It is working towards setting up a fintech fund and is looking to tie up with some co-investors to raise bulk of the target corpus. Its formal roadshow is likely to be launched in January 2018.
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