IBM held its Smartcamp Challenge on Saturday, August 6, 2016, to find the best Fintech start-ups in India, in association with Edelweiss Group. Twelve pioneering and innovating start-ups were shortlisted from the hundreds of applications received of which three won the challenge. Fisdom was the winning startup, followed by WhizDM and Signzy as the runners up.
The shortlisted start-ups got to pitch in front of a panel of CIOs and investors in Fintech space, which included Pranav Parikh, Head of Private Equity at Edelweiss; Sanjay Mehta, Angel Investor; Arihant Patni, Founder of Ideaspring Capital and Hive India; Anil Joshi, Founder of Unicorn Ventures; Chetan Naik, Head of Sales at IBM India; Seema Kumar, Country Head of Startups and Developer Ecosystem; Kalpana Maniar, Group CIO at Edelweiss; Anshu Kapoor, Head of Private Wealth Management at Edelweiss; Smita Aggarwal, Director of Omidyar Advisors; TCM Sundaram, Co-founder at IDG Ventures, India and Harish Mehta, Chairman of Onward Technologies and Founding member of NASSCOM and Indian Angel Network.
The three winning startups will be mentored by IBM. They will also get a chance to engage with Edelweiss as a client and as a potential investor through its Private Equity and VC arm.
A brief look at the top 12 start-ups who made it to the shortlist.
Finwizard Technology Pvt Ltd (Fisdom): Fisdom, based in Bangalore, is a personal finance start-up, launched by Raghunandan G and Aprameya Radhakrishna along with Sumit Jain. It aims to solve difficulty and complexity of investing in financial assets for a financially non-savvy person.
WhizDM Innovations Private Limited: Puneet Agarwal founded WhizDM, to help young Indians become financially disciplined and fit by keeping track of their finances through their smartphone.
Signzy Technologies Private Limited: Signzy aims to make digital regulatory processes simpler, secure and more compliant. The products include Digital Know Your Customer (KYC) APIs and Digital Contracting.
Don’t Scratch Your Head (DSYH): DSYH was launched in November 2015 by Suraj Vazirani, in Ahmedabad. They serve as a central pillar for reconciliation between marketplaces, logistics, payment gateways and sellers.
Ftcash: Vaibhav Lodha launched Ftcash in June 2015, in Mumbai. He launched it with an aim to make transactions easier for smaller merchants and generate alternatives to accepting cash.
Stelae Technologies: Aruna Schwarz came up with Stelae Technologies in 2002. She is based out of Chennai and Bengaluru. Stelae Technologies aims at transforming unstructured financial content to structured, searchable and reusable information.
Rubique: Rubique, launched by Manavjeet Singh in 2014, is an online marketplace for financial products offering a wide range of loan products and end- to-end loan fulfilment to individuals and MSMEs.
ORO Wealth: ORO Wealth is based in Mumbai, and was founded in 2015 by Swati Aggarwal, Nitin Agrawal and Yogesh Powar. It is a provider of automated wealth management tools which enable retail investors and financial intermediaries to easily access high-quality, unbiased advice, and investment support.
UnoPay: Amit Rana and Shyamal Mehta founded UnoPay in October 2015. Their aim is to make the in-store payment experience 100x better. It provides a mobile-first platform for consumers to use any payment instruments to pay from their phone.
Avenues Payments India Private Limited: Avenues offers a digital cross-border money transfer platform for both B2C and B2B segment. Its B2C solution RemitGuru.com is a 24x7x365 mobile and internet based option to send money from any bank account in the world to any other person’s bank account in another country.
Lendbox: Lendbox was founded by Bhuvan Rastogi in October 2015 and is based out of New Delhi. It provides a P2P lending platform and a credit marketplace which allows users to transact short to medium-term unsecured personal loans ranging from Rs 25,000 to Rs 5,00,000 or higher in some circumstances.
Musk Technologies: Musk is a cloud-based platform that aims to solve the massive SME credit gap that exists in India. It manages the entire life-cycle of supply chain finance program on an end-to-end basis with the help of an invoice discounting programme where banks partner with corporates to fund their SME suppliers.