June 29, 2017
Mumbai, Tuesday, June 27, 2017: ISME ACE – India’s largest FinTech Accelerator, was launched and inaugurated today by Hon’ble Chief Minister of Maharashtra, Shri Devendra Fadnavis, who also gave a keynote address. The Accelerator has started accepting applications from FinTech Startups for the first cohort of FinTech Startups which will start in September 2017. After a rigorous selection process, approximately 12 startups will be selected for the cohort.
The ISME ACE Accelerator is housed in India’s largest Innovation & Entrepreneurship Ecosystem at Lower Parel Innovation District (‘LPID’), in the heart of India’s financial hub, Lower Parel, sprawling over 6,00,000 lakh square feet.
Speaking on the occasion, Radha Kapoor, Founder & Executive Director of The Three Sisters Institutional Office, and Founder & Executive Director of ISDI said ISME ACE endeavors to support the transformation of Mumbai MMR into the FinTech capital of India. The philosophy of our ecosystem is based on a DICE, conceptualized as Design, Innovation & Creativity led Entrepreneurship – as key drivers. A new-age campus for new -age, high-value jobs. As a young woman entrepreneur, I firmly believe that ecosystems such as ours will help nurture the next generation of entrepreneurs and job creators for Maharashtra and India. The Ecosystem aims to foster entrepreneurship and propel transformational innovation and will be supported by two accelerators – ISME ACE (focused on FinTech) and ISDI ACE (focused on Design & Innovation).
The Accelerator has developed a comprehensive and collaborative ecosystem to nurture and accelerate FinTech Startups joining the ISME ACE program by partnering with IBM & Amazon for technology, Luthra & Luthra for advisory support, Indian Angel Network, TiE & LetsVenture for investor & entrepreneurial network support, KPMG for knowledge, Let’s Talk Payments as innovation partner, and Awfis as infrastructure partner.
The focus sectors of ISME ACE are alternate lending, financial inclusion, smart authentication and security, insurance tech, wealth management & robo-advisory, payments & remittance and customer services – all of which revolve around the financial activities a common man performs – pay, borrow, lend, insure, or invest. Startups, either B2C or B2B or B2B2C disrupting these financial activities are welcome to apply for the accelerator program. The focus will be on Startups leveraging technologies such as SMAC (social, mobile, analytics and cloud), artificial intelligence and blockchain.
Aparajit Bhandarkar, Chief Acceleration Officer, ISME ACE, said FinTech Startups, instead of competing with large financial institutions, are exploring partnerships and synergies, wherein the Startups provide cutting edge technology to these institutions and the institutions drive customer adoption, via their existing customer base. ISME ACE is designed to foster this collaboration, by providing seed funding, focused & hands-on mentorship, access to financial services partner firms, technology, fundraising, and marketing support.
Startups will get a window of one month to apply via the website, post which the applications will be screened by Investors, prominent Startup founders, Partners from KPMG, and ISME ACE mentors, finally selecting 12 best Startups to join the first cohort.