Hyderabad: T-Hub said it has shortlisted 10 startups for its fintech accelerator programme. The programme was launched in November 2019 in partnership with NPCI (National Payments Corporation of India), the umbrella organisation for retail payments systems in India and DST (Department of Science and Technology).
The programme is designed to enhance faster product development and scale-up of the fintech startups shortlisted to be a part of the batch.
The 20 startups were selected from over 150 applications received from across India, after a rigorous evaluation process. Some of the shortlisted startups are Chitmonks, Syntizen, AShield Technologies, amongst others.
Startups accepted into the programme will receive training and guidance from T-Hub and NPCI via a curriculum of activities, specifically designed to support product development and growth in digital payments. Also, startups will have access to NPCI retail payments APIs for product development and T-Hub’s network of mentors, industry experts, investors, service providers and the community.
Benefit for startups
Startups will get access to NPCI API Sandbox portal to develop payment products, benefit from Go-to-Market support during the acceleration phase, get the opportunity to showcase the solution to industry experts and the ecosystem during the Fintech Accelerator Demo Day scheduled for July and get access to T-Hub’s service providers and leading mentors.
Ravi Narayan, CEO, T-Hub, said, “India’s digital payment landscape has grown steadily over the years. Owing to the current pandemic, there has been a fundamental slowdown of transactions at all levels. But all that will fundamentally change. We consider this an opportunity not only to support these deserving startups but to ensure that all the stakeholders in the fintech space see the innovations through the outcome of this programme. The programme in partnership with NPCI and DST will accelerate product development of the shortlisted fintech startups and pave the way for large-scale adoption of digital modes of payments in the country.”
New innovation lab
NPCI’s TXNNXT hub, an innovation lab within the premises of T-Hub was also launched alongside the fintech accelerator programme that would act as a collaborative innovation space for NPCI. The key objective for setting up the lab for NPCI is to aid startups and other ecosystem participants build next-gen payment and other fintech products.
The hub has spearheaded many of NPCI’s initiatives such as product knowledge sessions for startups, informal interactions with NPCI’s key executives including its MD & CEO, and workshops on emerging technologies and regulations for the T-Hub ecosystem.
Vishal Anand Kanvaty, Chief of Innovation at NPCI said, “NPCI, through the process of TXN NXT, is in search of the next transaction–Technologies or ideas which can solve, revolutionise and reduce the friction in payments. We would like to acknowledge the aspirations and the efforts of 150 applicants and the 10 selected startups who have made it to fintech accelerator programme. Each one of them has a seed to transform the fintech segment with unique innovations. We believe, it is going to be an inspiring experience in guiding them by providing a direction to their innovative solutions.”
The accelerator programme is going to take place in a virtual mode due to the current Covid-19 situation.
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