Equitas Small Finance Bank said it has launched ‘Equitech’ – a Fintech Accelerator aimed at the start-up ecosystem, to scale -up and help Fintech startups curate their products and define a go-to-market strategy.
This will help the Fintechs to reach the next level and take its product to the market in a more targeted manner. The program has been launched on 07th August and the application process for the enrolment has commenced. The program aims to augment the fintech ideas into outcome-driven partnerships with key focus on product and customer acquisition, according to the Company’s statement.
Equitech will be focusing on Banking Technology such as Payments, Lending, CASA, Transaction Banking, API banking, Governance & Regulations as well as other technologies such as Agri-tech, Banking tech, Clean Energy, Government Tech and other horizontal segments across key focus areas. The shortlisted firms will be granted direct access to a world class infrastructure through Equitas Small Finance Bank’s tech platform and APIsandbox for product development. There will be specific cohorts along with mentors and a panel of experts, the start-ups will work closely with these experts to create their products, Equitas will provide the necessary support required from legal and regulatory aspects. Deep-dive sessions with a pool of mentors/core groups including industry experts will be an added advantage to the budding entrepreneurs. The selected Fintech may also get to service Equitas SFB either as their first commercial business partner or as a co-brand partner, the statement said.
Speaking on the occasion, Murali Vaidyanathan, Senior President and Country Head – Branch Banking – Liabilities, Products & Wealth, Equitas Small Finance Bank Limited, said: “As a leading small finance bank, we are excited and proud to present the striving Fintech entrepreneurs with an opportunity to realize their dreams and present them with various avenues to step-up their fintech idea. The program is unique and carefully planned to support the growing entrepreneurs to achieve their goal and benefit the society. We are certain that the program will be a golden opportunity for the aspirants to learn from some of the best industry mentors and accelerate growth by allowing access to world class infrastructure and support to develop their products and ideas. We are confident that this initiative will be promoting some of the greatest digital innovations for the future.”
“Indian Fintech ecosystem is experiencing exponential growth from almost all of the sub segments ranging from Payments and RegTech to Robo-advisory and Blockchain. This growth is driven by the innovative Fintech start-ups that were able to create unique banking trends like BaaS, Neo Banking, Open Banking, Autonomous Finance etc. These innovations have significantly impacted the way Indian Banking industry functions and has resulted in India seeing a 60% increase in Fintech investments despite the pandemic. The Fintech start-ups space is on a dynamic path of growth and we are glad to be able to assist and nurture the future unicorns in upgrading the banking system for the next level,” added Murali.
The Fintech Accelerator Program has been opened on 07th August 2021 and interested start-ups can register their entries at www.equitech.co.in. After the initial screening, discussion rounds to understand the company’s product, key strengths, team composition etc. will be held. Upon successful onboarding of the program, final pitch/demo will be presented to potential investors.
To enrol, a Fintech Start-up must be registered / incorporated within last 6 years as on date of the Accelerator Program opening and should have at least 2 full-time employees, with most important team members having expertise in their field. The start-up must present innovative product/ idea with significant advantages over current industry offerings and should represent original ideas wholly owned with the freedom to use.
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