In the first half of 2016, between January and June, overall $7.4 billion was invested in Fintech companies worldwide through 416 deals. According to KPMG, the leading consulting firm, VC-backed companies attracted $2.5 billion as an investment in Q2 2016 alone, of which nearly 31% was invested in Asia Pacific through 46 deals. The industry experts believe the total overall investment in fin tech is poised to hit a record figure in 2016, exceeding the investment made in 2015. The message is clear; Fintech sector is witnessing an unprecedented growth.
Axis Bank, India’s third largest private sector bank, has been delighting thousands of of budding entrepreneurs who are capable of disrupting the Fintech industry with their innovative ideas and products.
In the partnership with Amazon, VISA and Singapore-based Oversea-Chinese Banking Corporation, Axis Bank has set up India’s largest incubator Thought Factory, especially designed for Fintech Startups. Like many other incubators and accelerators, the bank has setup Thought Factory in the startup hub of the country, Bangalore.
The Thought Factory will help entrepreneurs to nurture their ideas and provide required infrastructure to give a concrete shape to their ideas. The incubator will be focusing on early stage startups that are shaping their ideas by banking upon the emerging technologies such as Artificial Intelligence, Robotics, Big Data etc. While such startups can change the banking experience forever, Axis Bank is eyeing to identify and leverage promising tools incubated at Thought Factory at early stages to stay ahead in the competition.
We are excited about the way financial industry is evolving and how millennials are re-imagining the industry. ‘Thought Factory’, our innovation lab is an endeavor to build on the ideas of innovators that can radically change consumers’ life in Banking and beyond. With this initiative, we are creating a vibrant ecosystem of Global Banks, startups & tech innovators,” says Rajiv Anand, Executive Director – Retail Banking, Axis Bank.
Axis Bank Thought Factory: Driven by Best Brains of the Industry
Besides being under the umbrella of Axis Bank, The Thought Factory has partnered with few external institutions to strengthen the offered ecosystem for Fintech startups.
After the 3-month long incubation period, the Thought Factory in partnership with Zone Startups would organise a demo day to facilitate the funding process for incubated startups.
Besides, the Thought Factory also has an impressive line up of mentors, VC partners, Global Banks who are quite excited about the initiative by Axis Bank. Institutions like Nasscom 10k have also extended its support to Thought Factory in a bid to create a vivacious ecosystem for Fintech startups in the country and boost the confidence of entrepreneurs and investors in the space.
Thought Factory: How To Apply
The Thought Factory is all set to welcome the second batch of Fintech startups in September this year. In order to select only the promising ideas and startups, it has defined few simple guidelines. The important among all that majority of the startups ignore, is that your startup must be a registered Indian entity, with an immense focus on Fintech industry.
Axis Bank has decided not to take any equity or payout from selected startups against using the facility.