Four FinTech Startups To Join PayPal’s Start Tank India Incubator
PayPal, the global leader in online payments, announced the selection of four new FinTech startups (Financial Technology) – CashFree, D-Rewards, Notifie and ftcash – as new entrants into its ‘Start Tank’ Incubation Center in Chennai. The announcement was made after the final round of pitching during the 4th Start Tank Incubation Challenge, which saw more than 125 startups apply for a place in the incubator this year.
Start Tank demonstrates PayPal’s commitment to enabling the startup ecosystem in India. Launched in 2013, the incubator provides an obligation-free environment for early-stage startups to evolve at its exclusive facility in PayPal’s technology center in Chennai. PayPal offers incubated startups with technology and business mentorship, infrastructure support and networking opportunities with both investors and customers.
As PayPal looks to transform money and become an everyday part of people’s financial lives, Start Tank has aligned its focus around startups in the Payments and FinTech space. Applications called for startups focused on core payment features such as wallets, gateways and remittances, as well as payments enablers and adjacencies like biometric authentication, security and financial inclusion.
“I am excited to see the entrepreneurial space in India take-off in just a short few years. Today, India ranks third among global startup ecosystems in the world.” said Anupam Pahuja, General Manager, Technology, Asia-Pacific, PayPal. He said: “PayPal’s Start Tank has been tremendously successful since its inception. All of our incubated startups so far have either successfully secured funding or are finalizing strategic partnerships. We are delighted to welcome this promising new batch of startups into Start Tank, and look forward to them scaling even greater heights through our incubation program.”
(Source: Press release)