12 start-ups exhibit their innovative solutions on Mumbai FinTech Hub’s Demo Day

Mumbai, April 17, 2019: India’s position as the world’s second largest FinTech hub is a direct reflection of the monumental progress made by various start-ups in the lending, payments, investments, insurance and personal finance management space. To further foster next-generation innovation, the Government of Maharashtra introduced Mumbai FinTech Hub to enable financial empowerment and technological advancement by nurturing start-ups with the potential to scale. Mumbai FinTech Hub’s vision to catalyse growth was curated by The FinTech Meet-up through the introduction of Mumbai FinTech Accelerator. It is a unique public-private partnership between the government of Maharashtra, National Payments Corporation of India (NPCI), PayU, Fino Payments bank, IndusInd Bank, IndiaFirst Life Insurance Company, SBI General, HannoveRe, Swiss Global Enterprise and CRIF High Mark. Mr. Abhishant Pant (founder, The FinTech Meet-up) said, “Access to market, Funding and financial services talent is key to the growth of Fintech Industry and Mumbai wins hands down on all of these parameters. MFA built by the FinTech Meet-up is an attempt to act as a catalyst in achieving the above objective.” Post the launch of Mumbai FinTech Accelerator programme in September last year, they received over 200 applications of which 12 were finalised for the debut cohort in December 2018. The agenda for the selected start-ups was to work closely with various stakeholders for the next three months and present their innovative solutions to investors on Demo Day. With the FinTech Meet-up as the anchor partner responsible for operationalizing the programme, the selected start-ups were working on solutions across financial services such as insurance, payment getaways, real-time data analysis, InvestTech, lending etc. Not only has the Mumbai FinTech Hub Accelerator programme granted these start-ups direct access to multiple industry partners but has also presented them with the opportunity to collaborate with Government of Maharashtra and other regulators. Ms. Suniti Nanda, FinTech Officer, Mumbai FinTech Hub said, “Our focus from the start has been to actively operationalise the start-up ecosystem and provide avenues for next-generation innovation across financial services. Most start-ups need an environment suitable to sustain growth. The true potential of start-ups in India needs to be unlocked through increasing financial access, facilitating digitisation of processes, and collaborating with incumbents in the industry, which has been the agenda of Mumbai FinTech hub. We aim to cultivate an atmosphere that fosters easy adoption of technological innovations through a solution-centric approach.”