FinTech in India is booming, with $1.7 billion invested in Indian fintech startups so far in 2017, and demand growing for both consumer and enterprise fintech products. The Government of India implemented schemes such as Jan Dhan Yojana, which has resulted in the opening of over 295 million bank accounts and 99% of households in India holding at least one bank account. “IndiaStack”, an open-source set of APIs provided by the Unique Identification Authority of India (UIDAI), presents an enormous opportunity for both government and business to build innovative tech products enabling frictionless payments and other banking services. The Unified Payments Interface (UPI), a payment system as part of “IndiaStack” that facilitates instant fund transfer via mobiles, currently has 50 banks live on the platform and has seen growth from 92,000 transactions at the time of launch in August 2016 to 9.2 million transactions in May 2017.
Yet, even with these developments, significant gaps remain. Despite a surge in the use of mobile wallets following demonetization last year, 80% of transactions in India today are still carried out in cash. Approximately 70 million bank accounts across the country are inactive and 19% of the Indian population is still entirely unbanked. A credit gap of $334 billion exists for small and medium sized enterprises across the country, as business owners struggle to find flexible, affordable financial products to enable them to manage and grow their businesses.
To address these challenges, Village Capital, in collaboration with PayPal and FMO, is looking to support early-stage fintech ventures building India-specific solutions to the country’s unique challenges in financial inclusion.
Program dates and locations:
Workshop 1: Dec 18 – 21, 2017
Workshop 2: Jan 16 – 19, 2018
Workshop 3: Feb 26 – Mar 1, 2018
Workshops consist of four-day engagements with companies, investors, and partners. Though cities are still being finalized, workshops will most likely be in one or more of the following: Bangalore, Mumbai, Delhi and/or Chennai. Village Capital will bear all of the flight and lodging costs for participants to attend all workshops.
To apply, please click here.
DEADLINE: October 6, 2017