Five were selected from over 250 startups that applied for a year-long fin-tech incubation program
Chennai, September 05, 2017: PayPal, the global leader in online payments, today announced a shortlist of five new Financial Technology (FinTech) startups –Finbox, Neoeyed, Paymatrix, Scalend and Tybo as new entrants into its PayPal Incubator in Chennai. The announcement was made after the final round of pitching during the 5th Incubation Challenge, where 10 shortlisted startups from 250 startups presented to an esteemed panel of judges including Guru Bhat, GM Technology & Head of Engineering – PayPal, Anupam Pahuja, MD – PayPal India and Rama Bethmangalkar, Venture Capitalist, formerly with Ventureast.
As a part of PayPal’s vision to transform and democratize financial services, the Incubator helps 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.
“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.
Launched in 2013 in partnership with The Indus Entrepreneurs (TiE), 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.
Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal (Nasdaq: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal’s 203 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies.
For more information on PayPal, visit https://www.paypal.com/about.
For PayPal financial information, visit https://investor.paypal-corp.com.