Applications are invited for PitchFest-2022 from the FinTech Startups. The last date of application is 11 March 2022.
FinBlue – A FinTech Centre of Entrepreneurship & Vibrant Start-up Eco-System – is an initiative by STPI at Chennai to help provide resources such as mentoring, technology support and funding for FinTech start-ups. FinBlue offers an integrated program for start-ups to scale up through its incubation facility.
The FinBlue Incubation program includes premium plug and play co-working space for tech start-ups and offers access to the Fintech ecosystem which comprises of user bankers, financial institutions, mentors, investors and a platform to support GoTo Market strategy.
The start-up must be incorporated as a
- Private Limited Company (as defined in the Companies Act, 2013) or
- Registered Partnership Firm (Regd. under section 59 of the Partnership Act, 1932) or
- Limited Liability Partnership (under the Liability Partnership Act 2008) The date of registration/ incorporation must not be beyond 10 years.
- The challenge invites the proposals/applications from Indian Start-ups who are working in domain related to software product development
- Start-ups registered with DPIIT under start-up India programme are encouraged to participate in this programme.
- Individual Academicians, Researchers, Educators, Entrepreneurs, .
- The final set of companies shall present their business plan to the Selection Committee Panel.
- Risk and Compliance
- Wealth Advisory
- Financial Inclusions
Horizontals across these categories
Digital KYC, Digital/ Document Management, Risk Management Compliance, Regulation, Data Sciences / Big Data / Analytics, Artificial Intelligence/ Machine Learning, Biometrics, Virtual Reality, Blockchain in Financial Services, Security and authentication.
FinBlue offers an integrated program for start-ups to scale up through the following:
- FinBlue SandBox consists of APIs exchange, Core Banking Software (CBS), Low Code Softwares, Business Analytical & Performance Monitoring Tools and cloud credits.
- FinBlue sandbox will provide real time environment to FinTech start-ups in developing and testing their prototypes to production grade FinTech products.
- FinBlue sandbox APIs exchange is comprehensive platform to exchange of data between banks, Financial Institution etc, Almost 800 banking APIs are available in this platform.
- FinBlue sandbox has been set up in the cloud environment to ensure its scalability and same will be leveraged by the FinTech start-ups.
FinBlue Market Place
- FinBlue Market place is part of FinBlue Innovation Network and is designed for start-ups to Experience, Innovate and showcase their Solutions, Products and Services to the stakeholders / CIO’s / CDO’s from Financial Institutions.
- The prime objective is to bridge the gap between Buyers need with the Financial Institutions and Start-ups by creating an ecosystem across the world in an effort to becoming Global FinTech Start-up Hub (GFSH). This Marketplace will connect Industry, Investors, start-ups and Knowledge Partners.
- FinBlue Market place offers a unique opportunity to meet the domestic & global buyers as well as funding support from the Venture Capitalists (VC)
The FinBlue Incubation program includes premium plug and play co-working space for tech start-up free of cost for Resident Members.
- Responsible for identifying domain specific software tools and offering the same to start-ups.
- Deploying full-time resource presence and organizing peer meetings with mentors at regular intervals.
- Creating a platform for accessing the mentor through an online portal.
- Train/educate start-ups in the fields of research, user experience and business technology courses with cutting edge programming and deep-tech applications.
- Support the start-ups for developing Proof of Concept, provide mentoring for designing & development and help start-ups to convert their idea into a reality.
- Transforming the start-ups from idea level to Prototype level, Prototype level to MVP (Minimum Viable Product) level, MVP level to GTM level and graduating the start-ups into full-fledged company status.
- Providing a multidisciplinary approach in developing innovative products based on identified business challenges
- Support for developing, enhancing and piloting start-ups prototype and business model in a collaborative environment.
- Conducting needs-based mentoring sessions on legal, compliance, branding, cyber security, tech etc.
- FinBlue shall carry out effective marketing by organizing knowledge sessions, conducting road shows, creating the FinTech CoE web platform, organizing networking events, conducting social media marketing and connecting relevant service providers.
- International events/programs shall be organized to attract global visibility.
- Partnerships with key international promotional agencies shall be carried out for cross border collaboration.
- FinBlue shall monitor and guide start-ups through dedicated portfolio managers and start-up support executives.
- FinBlue shall review and monitor the progress/performance of start-ups periodically and take necessary action as and when required in co- ordination with PM
Funding and investment
- FinBlue supports and guide start-ups for raising funds towards PoC, MVP and Marketing as well as scaling up through , equity and debt by leveraging connections with potential customers and CSR/Corporate sources as well as angels, High Net worth Individuals (HNIs) and VCs as per appropriate size of start-ups.
- M/s Pontaq, a UK based funding partner has committed a funding support of $2 million as seed fund for FinBlue.
STPI has signed MoU with M/s NRDC (National Research and Development Corporation) for filing Intellectual Property Rights such as Patenting (Drafting & Filing), Trademark, Copyright and any other IPR related support/legal/statutory support.
- 7th February 2022:Application submission start date
- 11th March 2022: Application submission end date
- 18th March 2022: completion of screening
- 25th March 2022: Final Pitch in front of Select Committee Panel
- 1st April 2022: Announcement of Shortlisted Applicants
Interested candidates can apply online via this page.
- For ensuring that the best start-ups are selected, a rigorous & stringent screening process shall be followed.
- Designated committee(s) shall screen & evaluate the applications.
- The screening & evaluation may be multi-stage.
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