Maharashtra Government launches an investment platform for fintech startups

Photo/Mitesh Bhuvad
  • Mumbai Fintech Hub has launched an investment platform FinD.
  • India has over 2,000 fintech startups with most of them based out of Mumbai and Bengaluru.
  • Maharashtra government had launched a fintech policy in February 2018.
Mumbai Fintech Hub, an initiative of the Maharashtra Government, has announced the launch of an investment platform called FinD.

The platform aims to bridge partnerships between fintechs, investors and partners; and boost investment.

“FInD is yet another initiative by Mumbai FinTech Hub to foster our vision of making Mumbai a global FinTech Hub. The unique value provided by the programme makes it crucial for all stakeholders involved, and helps unleash the true potential of India’s FinTech ecosystem,” said Suniti Nanda, Chief FinTech Officer, Mumbai FinTech Hub.

Mumbai is the financial capital of India, and is home to a host of fintech startups. According to a report in March 2019, India has over 2,000 fintech startups with most of them based out of Mumbai and Bengaluru, making the country the world’s second biggest fintech centre.

“Providing access to capital and global or home-grown investors will eventually put us on the world map for fostering next-gen innovation and creating globally competent firms,” said Nanda.

This investment platform is powered by PriceWaterhouseCoopers (PwC) and Medici with other partners like Aimcrest, NASSCOM, IVCA (Indian Venture Capital Association), among others.

In February 2018, the Maharashtra government announced a fintech policy under which the state would facilitate startups with a ₹2 billion fund to be one of the top five fintech hubs in the world. According to the website, it has made way for 500 jobs in fintech sector.

The Andhra Pradesh government too but an ecosystem for startups at Fintech Valley Vizag in the coastal city, in December 2016. The state had also held a fintech festival to promote innovation.

See Also:
These are the top Fintech hubs in India — Bangalore, Mumbai leads the race
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