The state-of-the-art Fintech Accelerator has been launched. It was launched by Open Financial Technologies in collaboration with the Kerala Startup Mission to attract more entrepreneurs in the fintech sector and create a better ecosystem for Kerala startups. The accelerator was announced at the Fintech Summit organized by the Kerala Startup Mission in Kochi. The Fintech Summit and Open Acceleration Program was inaugurated by Kerala State Electricity Regulatory Commission Chairman Preman Dinaraj.
Mohammad Y Safirulla, Officer on Special Duty, Finance Department, who presided over the function, said that the government was taking steps to transform Kerala into a knowledge economy.
John M Thomas, CEO, Kerala Startup Mission, said that the country can expect a torrent of unicorn companies by 2030.
Accelerators is a project that provides financial assistance, expert advice, workplace and marketing assistance to start-ups with great ideas. Fintech Accelerator will include 500 Fintech startups in five years. The funding by Open for this is Rs 100 crore. Open is the first startup to reach Unicorn status from Kerala. It is the 100th unicorn startup in the country.
Startups such as Farmers Fresh Zone, Pillsbee, Traice Inc., TaxScan, FinLine and Magicals are included in the first round of the six-month acceleration program. This will provide a maximum support of Rs 20 lakh to each startup.
The summit also featured panel discussions, lectures and the Startup Expo on best practices in the insurance sector, the revival of the Indian economy, corporate startup relationships in the fintech sector, the relationship between banks and startups, and the importance of fintechs in startup funding. Startup founders and entrepreneurs interact with the Open co-founders. The winners of the Hitachi National Innovation Challenge were also announced at the summit.
