Global digital payments platform PayPal has announced the launch of the fifth edition of the PayPal Incubator Challenge. Applications are now open for early-stage financial technology companies, including startups across the country specialising in loyalty, machine learning, big data and logistics, among others to compete for a spot in the PayPal Incubator.Also read: Here is What Uber CEO Travis Kalanick Feels About Ola, Women Safety And More
Launched in 2013 in partnership with The Indus Entrepreneurs (TiE), the incubator provides a conducive environment for early-stage startups to grow and evolve. As well as an exclusive facility available at PayPal’s Technology Center in Chennai, the PayPal Incubator offers startups technology counsel and mentorship, infrastructure support and networking opportunities for both investors and customers.Also read: Mission Cashless: All Freecharge Wallet Balances up to Rs 20,000 Insured Against Phone Theft
PayPal Incubator will focus on startups in the FinTech space, including those focused on core payment features such as wallets, gateways and remittances as well as payments enablers and adjacencies such as biometric authentication along with artificial intelligence, machine learning, big data, security and financial inclusion. The winners of the 2015 PayPal Incubator Challenge were FinTech startups CashFree, Codemojo, Notifie and ftcash.Also read: Xiaomi Redmi Note 4 Coming to India in Jan: Here is All You Want to Know
Interested startups can apply for the PayPal Incubator at https://www.paypal-incubator.com/india/apply/. Applications are open from today and will close on January 31, 2017. Successful applicants will be contacted to undergo two rounds of pitching before the final companies are selected by a jury panel. The panel will include senior leaders from PayPal as well as prominent venture capitalists and entrepreneurs in India.
To date, the PayPal incubator has hosted ten startups and provides access to global mentors, angel investors and venture capitalists. Some success stories of the PayPal Incubator include, BookMyShow investing in Fantain, a fan relationship management (FRM) solutions provider, Freshdesk Inc., a start-up that provides customer support platforms, acquiring Konotor, and PiQube receiving funding of Rs 500,000 from The HR Fund. Other PayPal Incubator graduates such as Kobster have raised an undisclosed amount of funding from Splice Advisors.
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