Saturday, June 3, 2023

LenDenClub to invest in six fintech startups under incubator program

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Peer-to-peer (P2P) lending platform, LenDenClub’s corporate venture capital arm, LenDenClub Aplha, has onboarded six fintech firms on its startup incubator, Bharat FinTech Program.

From over 150 applications, Only six selected startups were selected, and those are Finswealth, FlashPay, P2P Bazaar, FinPlay, Upmarket India, and Filit.

According to the statement, the selected startups will receive their first cheque after the end of the incubation program.

Launched last quarter, the programme, in association with Startup Reseau, aims to foster innovation, encourage, and support fintech startups in semi-urban and rural India.

Rajat Sinha, Principal at LenDenClub Alpha, said, “We are thrilled to receive such an amazing response from the Fintech startups. The Bharat Fintech Program is aimed to promote innovation and inclusivity for the budding startups and to give them a necessary push to grow faster.”

“We are eager to work with startups with disruptive technology to advance technology growth, and provide greater value to a larger population in Bharat. Helping all possible startups who can cater to Bharat to make Bharat the real leader in the FinTech ecosystem in a global landscape. In the future we are planning many such programs to help FinTechs in the areas of Technology, Product and Operations,” said Rajat.

Additionally, The selected fintech startups will receive specialised mentorship in verticals such as Tech & Product upgradation, driving customer acquisition, Innovation audits, and Go-to-Market and Industry connections from LenDenClub Alpha.

A three-month-long cohort-based programme will mentor the selected five startups with potentially disruptive technologies that could reshape the FinTech sector in the future.

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