Since its inception in 2005, the American accelerator YCombinator has incubated and supported start-ups. With over 3,000 successful companies, such as AirBnB, DropBox and many more, under its portfolio, YCombinator works intensively with the companies for months, shaping and refining their pitches and helping them connect with stakeholders worldwide. Every year they are known to organize 2 cohorts, Summer Cohort and Winter Cohort, where they invest 500,000 USD per company.
As India aims to become the startup capital of the world, India already has over 190 startups that have received funding from YCombinator. We have compiled a list of 5 fintech startups that are revolutionizing the fintech area.
- AlgoTest
AlgoTest is an investment technology startup that allows retail traders to backtest their trading strategies for free. In retail investing, backtesting allows users to access historical data to gauge profitability and risk before investing actual capital.
Users can also execute their trading strategies in the real market with AlgoTest by purchasing credits to do the same.
2. EthosX
EthosX is a decentralized financial platform (DeFi) that creates end-to-end financial derivatives on the blockchain. The start-up has started with cryptocurrencies as the basis for its financial derivatives and allows users to buy derivatives from the platform without the need for an exchange or counterparty.
3. Gold lacquer:
Gullak is a mobile app that automates savings and invests them in gold. The app makes it extremely easy for users to save small amounts regularly. With Gullak, users can get started with automatic savings at just Rs10/day. India is a nation of savers, but the way the majority of Indians save is unsmart and does not create wealth. There are 200 million Indians saving manually in bank deposits, the returns from these instruments do not even beat India’s inflation. Through Gullak, users who automate their savings can save 5 times more than they did previously.
4. Shelf
Shelf is the first Neobank in India with a focus on Young Professionals. It provides them with easy banking and payment services and makes it easy to pay bills together with friends. Through Shelf, users can create wallets with your group and make payments through it, eliminating the need for you to ever track, share or request your money back. Based out of Bangalore, it allows groups of users to manage their money using just one platform. The app offers group wallets, tracking expenses as a group and a debit card for the group
5. PayCrunch
In India, more than 150 million people have difficulty accessing formal credit, either due to lack of financial data or low credit scores. PayCrunch was built to address this gap. Using alternative credit scoring models, the startup offers credit through UPI and aims to make financial management easier by helping track transactions. The Buy Now Pay Later app currently has over 10,000 users and aims to make financial management easier by tracking transactions.
6. Hello
Fello is a game-based savings and investment application for gen-z and young millennials in India to save, play and earn more than a traditional savings bank account. The startup allows users to save and invest in financial assets and for every rupee they save, they get one gaming token with which they can play daily and weekly games and if they win in those games, they get to win Rs.1 lakh every week!
In just a short span of 12 weeks after launch, the startup gained over 250,000 users, with 92% of them referring users, 88% of whom are first-time investors spending over 12 minutes on average per day on the app. , save and play games together.
