Kolkata gets its first Fintech incubator - Fincubation, an initiative by a group of IIT and IIM-educated industry experts with over 100 years of cumulative experience in the domain of finance. The fincubated companies will get industry experts’ valuable lessons which they have learned the hard way in building their ventures and get access to over 1 million users on boarded by the existing operating products.
Launched on June 11, the platform will be helping the first-time entrepreneurs in ideation, feasibility testing, developing and validating business plans, business and entrepreneurship training, networking opportunities and fund raising. Along with mentorship and guidance Fincubation provides the start-ups with resources, such as, co-working spaces to both locations with powerful computers, latest configurations, high-speed connectivity, 24/7 power backup, IT support team, spacious work areas, conference halls and meeting rooms.
NASSCOM incubated Robo advisory start-up Findvise Services Pvt. Ltd. is already getting incubated by Fincubation. Findvise, is a financial planning and investment advisory providing automated financial solutions with data and behavioural analysis through its app. Launched in January 2018, this smart Robo advisory platform aims to mitigate the challenges faced by the medium and lower income group in India that bars them from meeting their financial aspirations. Within a year, Findvise is amongst the four start-ups from eastern India, selected for Nasscom’s first accelerator programme. Findvise ranked within the top 10 most promising fintech start-ups by FICCI start-up Launchpad, the American consulate, Sillicon Valley-India, Nasscom and many others.
Commenting on this initiative Vivek Bajaj, managing director, Kredent InfoEdge, said, “We believe that the financial inclusion in our country has just begin and we need more and more tech-enabled solution providers to cater to various needs of retail participants. Through this initiative, we are not just helping deserving entrepreneurs to reach to the critical mass but also building an entire ecosystem around our products, which is helping our growing user base to get more value from us. A clear win-win situation for everyone. We are very selective in our selection process and we would like to work with people who share similar passion of simplifying finance for everyone.”