Global online payments leader PayPal has inducted five new FinTech startups into its PayPal Incubator in Chennai.
The announcement was made after the final round of pitching during its 5th Incubation Challenge, where 10 shortlisted startups from 250 startups which applied presented to a panel of judges.
The give startups to be selected are Finbox, Neoeyed, Paymatrix, Scalend and Tybo.
“In its 5th year, the PayPal Incubator has received an overwhelming response with over 250 applications from early stage FinTech startups – a 150% growth from last year, reflecting both the need for an incubation program, as well as the FinTech industry’s potential. Our program is designed to help our newly incubated startups script their own success stories by facilitating access to PayPal’s expertise in cutting-edge technology and by enabling them to leverage PayPal’s market leadership around the world” said Guru Bhat, GM Technology & Head of Engineering – PayPal.
The incubator, which was launched in 2013 in partnership with TiE helps startups elevate and drive innovation across the FinTech industry with a focus on startups in financial technology as well as adjacencies like loyalty, machine learning, big data and logistics among others.
The incubator provides a conducive environment for early-stage startups to grow and evolve at PayPal’s Technology Center in Chennai.
The program offers startups technology counsel and mentorship, infrastructure support and networking opportunities with both investors and customers.
In addition to these, PayPal will also be picking up an undisclosed stake in each of the selected startups this year.
Of the selected startups, Paymatrix is an analytics-driven property rental management platform that streamlines rent payments and collections for tenants, landlords and property managers. The platform's dashboard provides solutions for end-to-end rent management including tenant screening, credit facilitation for rent deposits, rent documentation, rent automation, renters and landlords insurance and also helps in better interaction between tenants and landlords
FinBox is a digital lending software-as-a-service startup which enables lenders to digitise their user journey and underwrite using alternate data. FinBox's platform combines multiple APIs to build various digital lending experiences across use cases.
neoEYED is a startup that helps the businesses generate more revenues and improve users' security by simplifying the login and registration processes on mobile applications.
Scalend offers a ready to use AI-enabled customer insights platform for financial services companies. The platform combines proprietary AI models with Big Data -Hadoop's unlimited storage and compute power to help BFSI and Fintech companies generate actionable insights around omni-channel customer journey, back-office optimization.
Finally, the fifth startup to be picked is Tybo, which is a cloud based omnichannel e-commerce platform designed for home based and small-sized businesses. It provides the merchant a single view of their evolving business across multiple sales channels.
The platform is focused on easy set up, simplicity of use and customizable design to create a beautiful storefront.
It also enables end-to-end integration with supplier system and saves time by importing products directly into their store with real-time inventory sync.
Image: OFFICIAL LEWEB PHOTOS via Flickr