Fintech startups bag business from banks, Govt bodies

Products and solutions put on show by fintech startups have been picked by banks and government organisations

A slew of banks and government entities has evinced keen interest in the innovative products and solutions displayed by the fintech startups mentored by the Kerala Startup Mission. The products and solutions put on show by the fintech startups at the 8th edition of ‘Big Demo Day’ series of KSUM have proved to be shot in the arm for the startup ecosystem in the state. KSUM is the nodal agency of the Kerala Government for entrepreneurship development and incubation activities in the state.

Impressed by the products displayed at the expo, Kerala State Co-operative Bank, known by the brand Kerala Bank, and Kerala State Financial Enterprises (KSFE) invited fintech startups to showcase their products and solutions before them. The virtual expo also drew good response from Kerala Gramin Bank (KGB), South Indian Bank (SIB), DBS Bank, YES Bank, ESAF Small Finance Bank and several non-banking financial companies (NBFCs).

Chiratae ventures, Unicorn Ventures, India accelerator, We Founder Circle, Digital Futurists Angels (DFAN), Inflection Point Ventures and IAN Investors were among the visitors to the expo.

Fintech startups show promise

Around 11 fintech startups supported by KSUM took part in the expo to explore market for their products and services and establish linkage with industry and investors. Rathan U Kelkar, Principal Secretary, Electronics and IT, Government of Kerala, who spoke at the expo, said by grooming the startup ecosystem the government aims at bringing more business to the state and benefits for society as a whole.   Acting as a facilitator, the government has been extending all support to startups and connecting them with businesses, Kelkar said. 

We are looking at various sectors as technology has already reached all sectors of economy. We would like to be at the forefront by ensuring that we get the best out of the technology, he pointed out.

With the advent of 5G, the ecosystem is expected to become more vibrant and get more opportunities. KSUM CEO Anoop Ambika, said the startup mission in the state has been taking pro-active steps to create more avenues for startups to see that their products get early adopters and customers, besides support from strategic investors.

Platform for industry, investors to leverage products, services

He noted that Big Demo Day is a very focused effort for startups, investors and customers to come and spend a productive day, besides figuring out interesting products and startups.

The expo set a platform for industry and investors to leverage products and services from the startup ecosystem, especially those developed by fintech startups for industry-specific problems.

The startups that participated in the expo included Aceware FinTech Services, Ptblync Software Solutions, Ewire Softtech, Traice Analytics Solutions, Riafy Technologies, Clubalpha Technologies, Finsall Resources, Chillar Payment Solutions, Pixdynamics, Remitap Fintech Solutions and Rimit Payments.  

Sanjeev Ramachandran

A journalist with 23 years of experience, Sanjeev has worked with reputed media houses such as Business Standard, The Ne More »

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