Oct. 30, 2019
By FPJ Bureau
India FinTech Forum, a not for profit fintech advocacy group representing Indian fintech companies, have announced 18 fintech startups who will be giving live demos to a high profile jury next month to compete for the Fintech Startup of the Year award at India FinTech Awards (IFTA) 2019 taking place on 29th Nov 2019 in Mumbai.
After diligent and careful evaluation, Knowledge Partner The Digital Fifth has narrowed down the top 18 FinTech startups that will be pitching on November 29, 2019, at The Lalit, Mumbai.
The winning startup will be awarded the prestigious IFTA Fintech Startup of the year award and will get an opportunity to participate in Paris Fintech Forum 2020.
In the past editions, winners included well-known names like Capital Float, ZestMoney and Oz Forensics. Past winners of IFTA have cumulatively raised over a billion USD in funding from VCs till date.
“Being identified as the ‘Fintech Startup of the year’ during the FinTech awards and subsequently getting a direct entry to Paris Fintech Forum was a very significant milestone in our startup journey. This was one of the first major awards we received and it was a great recognition of the hard work we had put into building our product and platform.” says Lizzie Chapman, Co-Founder & CEO, ZestMoney & IFTA Fintech Startup of the year 2017.
The India FinTech Forum is a non-profit initiative that offers a platform for fintech companies to collaborate and voice opinion on the relevant policy issues. Indian fintech firms have unique opportunities with the India Stack (Aadhar, UPI, etc.), which are not available anywhere else in the world. The India FinTech Forum organizes meet-ups in several locations and seeks to drive policies that accelerate the growth of fintech in India.
The process of shortlisting was more quantitative than qualitative to ensure an objective decision by the panel. IFTA Knowledge Partner helped score each registered startup across several parameters. Additionally, feedback was sought from other event partners, startup accelerators and experts from the fintech sector. After careful deliberation on numerous strong applications, 18 firms have been shortlisted to present at IFTA.
“The depth and width of Fintechs in India have improved exponentially in the last couple of years. We had received around 400 interesting startup applications in the event, out of which we have selected 18 to demonstrate their innovation in front of 800+ attendees. We can see a new trend emerging wherein Indian Fintechs are now getting ready for entering international markets as well as foreign startups are now making inroads into India”, says Sameer Singh Jaini, Convener, India FinTech Forum’s IFTA 2019 and CEO, The Digital Fifth.
This year’s event is potentially the most impactful one in India with multiple curated tracks running through the day along with business workshops and Investor matchmaking sessions. We hope that this event would help in accelerating the Indian Fintech Ecosystem,” he adds.
IFTA is proud to present the shortlisted 18 FinTech startups for 2019:
1) Active.Ai (Singapore) - Active.Ai is a Conversational AI platform built specifically for BFSI with deep capabilities of enabling Transactions, Service Requests, Enquiries and FAQs.
2) Bon Credit (India) - Bon Credit is a digital lending start-up that provides micro-credit for the gig economy that tends towards temporary contractors and freelancers instead of full-time employees.
3) CreditMate (India) - CreditMate platform provides 100% data secured, real time collections performance for lenders and our Machine Learning algorithm improves collection resolution rates at all stages of delinquency.
4) CreditOn (India) - CreditOn enables large entrenched lenders to transform themselves into nimble digital lenders at scale consistent while preserving portfolio quality.
5) CredoLab (Singapore) - CredoLab uses smartphone device data to generate a behavioural score for the customer that predicts her probability of defaulting.
6) Fintuple Technologies (India) -Fintuple is India’s fastest growing investor portfolio management platform.
7) Jai Kisan (India) - Jai Kisan is a fintech platform catering to rural emerging markets, providing risk adjusted return to lenders and a low cost of capital for the borrower through subvention, securitization, an asset light model to lower distribution costs to create technologically enabled channel partner outlets with existing rural stakeholders brands and next generation credit assessment.
8) Lokyata (USA) - Lokyata provides AI/ML- driven customer analytics for social impact lenders to better understand their customer base, provision scores across multiple dimensions of the customer profile, and engage the customers using AI/ML transparency technology that provisions "decision codes" used to generate personalized messages.
9) Neener Analytics (France) - Neener Analytics is the leader in computational social science and the only social media analytics technology that delivers specific, individual, risk outcomes in a 100% friction-less environment.
10) Partnerhub Ltd (Hungary) – The company provides its customers own branded invoice – related services for their SME customers which enables them to issue, process and pay their e-invoices with just a couple of clicks which saves time & money.
11) Rewire (Israel) – Rewire is an international remittance platform for migrant workers, who usually transfer most of their income to their countries of origin.
12) Riskcovry InsurTech Platform (India) - AI enabled health insurance claim APIs, which can be integrated into a natural messaging experience like WhatsApp. Policy holders or agents can now submit health insurance claims in under 5 minutes, with Riskcovry AI being able to enrich the experience by guiding the user through a personalized, simple and secure process.
13) Think Anlaytics (India) - Think Analytics is an advanced analytics and technology start up with considerable experience in building AI & ML frameworks and solutions. Their product Algo360 is comprehensive data underwriting solution for ‘new to credit’ segment.
14) Valocity Global (New Zealand) - Valocity transforms end-to-end valuation process for banks. The platform connects the entire valuation ecosystem through a smart cloud based platform that digitises the workflow for seamless automation while capturing data from end to end to enable address validation (including a Valuers’ App), valuation benchmarking and analytics, and essentially a faster mortgage valuation process that removes collusion and enables global best practice regulatory compliance.
15) Vested Finance (USA) - Vested simplifies US stock investing for investors based in India. Users can now invest in companies they know and use, such as Amazon, Google, Starbucks and more in a commission-free and in an end-to-end online process via this platform.
16) Vymo (USA) - Vymo is an intelligent Personal Sales Assistant; it captures sales activities automatically and predicts ‘next best actions’ intelligently. Vymo has 100,000 users in 50+ large enterprises such as AXA, Allianz, Generali, and Sumitomo. Vymo is a Gartner Cool Vendor and funded by Emergence Capital and Sequoia Capital.
17) Xtracap Fintech India (India) - Bridge2capital is a product built on the principle of reverse Factor. The app is the first app in India, which provides funds to Small business for the purchase of their bills from GST registered suppliers.
18) Yobee Research (India) – Yobee Research uses AI & Data Science to generate high probability & actionable trading signals. Signals are generated by multiple neural network for top 500 traded companies (representing 99.97% of daily trading volume). These signals are combined to produce one signal per company. Signals that qualify by having a minimum probability threshold will be delivered to customers for his final action.