LenDenClub Alpha, the corporate venture capital (CVC) arm of LenDenClub, announced its first cohort of the ‘Bharat FinTech Program’. It launched last quarter to foster innovation, encourage, and support fintech start-ups in semi-urban and rural India. From over 150 applications received for joining the incubation program, six innovative fintech startups across India were selected, which will be nurtured under the program in association with Startup Reseau.
‘Bharat Fintech Program’ by LenDenClub Alpha concentrated on identifying, incubating and accelerating early-stage start-ups building cutting-edge solutions, helping boost new-age budding entrepreneurs in the fintech space across India. LenDenClub Alpha conducted nationwide start-up engagement drives in Maharashtra, Delhi, Gujarat, Rajasthan and various other cities. Basis, which received more than 150 applications to join its program.
The fintech startups being incubated through the program by LenDenClub Alpha, span different areas, such as multi-asset investment, alternate investment, digital banking services, P2P aggregators and AI-led investment advisors. The selected fintech startups will receive specialised mentorship in verticals such as Tech & Product upgradation, driving customer acquisition, Innovation audits, Go-to-Market and Industry connections from LenDenClub Alpha. A three-month-long cohort-based programme will mentor the selected five startups with potentially disruptive technologies that could reshape the fintech sector in the future.
Rajat Sinha, Principal at LenDenClub Alpha, said, “We are thrilled to receive such an amazing response from the Fintech startups. The Bharat Fintech Program is aimed to promote innovation and inclusivity for the budding startups and to give them a necessary push to grow faster. We are eager to work with startups with disruptive technology to advance technology growth, and provide greater value to a larger population in Bharat. Helping all possible startups who can cater to Bharat to make Bharat the real leader in the FinTech ecosystem in a global landscape. In the future we are planning many such programs to help FinTechs in the areas of Technology, Product and Operations.”
The program is in line with the government’s “Startup India Initiative” by encouraging innovation and entrepreneurship and tackling the difficulties that new businesses confront.
Recently, LenDenClub Alpha, Artha Venture Fund, and Unicorn India Ventures invested USD 1.5 million in the no-code platform, Hubbler. As things advance, LenDenClub Alpha plans to introduce more cohorts under the ‘Bharat Fintech Program’ to accelerate the fintech startups from semi-urban and rural regions that offer unique solutions.
Brief about selected startups:
FinPlay: FinPlay is a community-led multi-asset investment platform to help 250M+ Indians Save/Invest better.
P2P Bazaar: India’s first Online and transparent marketplace that offers the most extensive P2P products of all the leading P2P-NBFCs under one roof to simplify the investment journey and safeguard the stakeholders’ interests.
FlashPay: Building a premium-spending app to provide an intuitive experience with wallet & cards to manage finances on the go.
Upmarket: Upmarket has developed a fully automated, AI and ML-based Robo-advisor to make investing easier & more accessible to everyone by using sophisticated algorithms to identify the best investments.
Finswealth: Finswealth is a financial advisory marketplace to invest in different asset classes. It provides a platform for SEBI-registered advisories to start, manage and grow their business while helping retail investors invest in innovative portfolios curated by experts.
Filit: Filit is an automated solution for personalised and smart micro savings for anyone who does digital transactions.