YES BANK Hosts 7 Innovative Fintech Startups at the Demo Day of its Global Accelerator
May 11, 2018: YES BANK, India’s fourth largest private sector bank announced graduation of 7 startups from the Autumn cohort of its Global Fintech Accelerator, YES FINTECH.
The 15 weekinnovation program focused on mentoring start-ups to develop scalable businesssolutions. The 7 start-ups also had a unique opportunity to access YES BANK‘svast network of 2 million+ retail, 10,000+ SME and 5000+ Corporate customers inaddition to Digital banking infrastructure support and funding access.
Commentingon the event, Mr. Rana Kapoor, MD & CEO, YES BANK, said, “Weare pleased with the outcomes of our 2nd cohort, which hasaddressed multiple focus areas with material impact on Productivity, DataIntelligence, new MSME business generation and enhanced customer service, amongothers. At YES BANK, we believe in collaboration over ownership and havesuccessfully been able to forge meaningful relationships with start-ups aroundthe world which has helped us access innovations and solutions. Since launchingthe accelerator programme, we have seeded and scaled several such technologieswhich has had a multiplier effect on the entire fintech ecosystem.”
The Demoday, where each of the 7 start-ups had the opportunity to showcase theirco-created solutions, was attended by a network of leading corporate clients ofYES BANK, media executives, startup mentors in addition to the startups of YESFINTECH’s first cohort and Investors across verticals such as Finance,Technology, Capital Markets, Entertainment and Media etc. Several corporatepartners expressed interest in adopting the solutions and will now enter intodefinitive contractual negotiations with the respective start-ups.
5 of the 7startups have successfully completed PoCs and are to moving tocommercialization, and 3 are in process of raising funds on the back ofsuccessful PoCs.
Fintechsthat showcased their solutions during YES FINTECH’s Demo Day, May 11 2018:
Sentimer,a Spanish fintech startup, offers AI and voice based automated customer supportand transactions for MSMEs with the goal of improving customer experience viasimpler, intuitive and homogeneous support service. The solution has thepotential to be scaled by integration with smart speakers/ personal assistantsdeveloped by internet giants.
bNesis based inWarsaw, Poland, bNESIS is a fintech startup focused on building a unifiedAPI service for enabling credit scoring and SME profiling via leadinge-commerce portals for loan disbursement basis GST returns and transactiondata.
Pingal uses data science and naturallanguage search to provide data driven decision making and real-time reportingon business KPIs. The Mumbai based startup launched operations in May 2017 andare looking at bagging multiple corporate projects within a year, with supportfrom YES FINTECH.
Karza assists in leveraging GSTreturns to underwrite loans from SMEs and corporates along with alternativecredit scoring. Using this solution YES BANK is:
Furtherdeepening the YES GST solution
Developingrisk containment solutions for faster risk profiling and mitigate NPAs and loanfrauds by locating defaulting absconders and tracing their assets for recoveryusing Karza’s advanced machine learning and data mining technologies.
Balance is deepening the bank’spenetration in the new to bank/youth segment by developing a savings habit andenabling smart investments. Balance is a personal savings app that aidsfinancial education among youth to save the petty change and invest in FDs andmutual funds.
Fyle links email, consumer apps and otherplatform to simplify and automate recording, sharing and processing of expensesand invoices to a one-click process within an organization. Bangalore basedFyle has also recently raised funds from Pravega Ventures and Beenext, aSingapore-based venture capital firm.
FinBit offers loan decisioning byautomated analysis of bank statement to enable underwriters in understanding acustomer’s financial behavior.