Leader in online payments, PayPal today said five new financial technology startups were shrotlisted under the PayPal Incubator programme.
The announcement was made after the final round of the fifth Incubation Challenger, in which the startups were shortlisted after they presented to panelists which include Paypal India, MD, Anupam Pahuja, PayPal GM Technology and Head of Engineering, Guru Bhat and Venture Capitalist, Rama Bethmangalkar.
“Finbox, Neoeyed, Paymatrix, Scalend and Tybo were the new entrants to the PayPal Incubator in Chennai”, a company statement said. The incubator helps elevate and drive innovation across FinTech industry with a focus on startups in financial technology, a company statement said.
“In its fifth year, PayPal Incubator has received an overwhelming response with over 250 applications from earlystage FinTech startups — a 150 per cent growth from last year”, Bhat said.
“Our programme is designed to help newly incubated startups script their own success stories by facilitating access to PayPal’s expertise in cutting-edge technology and by enabling them to leverage PayPal’s market leadership around the world”, he added.
PayPal in partnership with The Indus Entrepreneurs launched the incubator in 2013, which provides a conducive environment for early-stage startups to grow and evolve at PayPal’s Technology Centre in Chennai. PayPal will also pick up an “undisclosed” stake in the selected startups this year, the release added.