Startupbootcamp to open support program for fintech startups in Mumbai
LEADING startup accelerator Startupbootcamp will open its first program in India aiming to support 10 fintech startups in Mumbai.
The accelerator will provide successful applicants with a US$16,830 grant and office space for at least three months as well as mentorship and access to a network of industry partners, investors and venture capital firms.
With its doors opening in early 2017 the scheme is looking to accelerate startups working in areas like payments, financial inclusion, peer-to-peer payments and insurance. Applications for a place in the program are now open, according to a press release on the company’s website.
“India, as the fastest growing economy has many challenges it needs to overcome if it is to reach its potential, which presents great opportunities to FinTech startups in the country. We are excited to see the talent that emerges from the new program,” said Nektarios Liolios, co-founder and CEO of Startupbootcamp FinTech, who will be leading the program.
The program is backed by financial institutions like ICICI Bank, ICICI Lombard, RBL Bank, AZB & Partners and PwC. Startups will have the chance to work together with these partners and as a founding partner ICICI Bank will also take an equity stake in the winning companies.
Startups can apply online, but they can also present their ideas to the Startupbootcamp FinTech team at a series of Fast Track days in Mumbai, Bangalore, New Delhi, Hyderabad, Kolkata, Pune, as well as in Dubai, Sri Lanka and Bangladesh.
According to a blog post on the company’s website, the move is in response to growing demand from emerging markets and in particular India. In the last 18 months, Startupbootcamp has had 50 percent more application from India than any other country where they don’t already run a program.
The deadline for applications is 20 December 2016.
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