PayPal has just announced five young fintech startups as its picks for the fifth batch of its incubation program in India. The digital payments giant will also pick up an undisclosed stake in each of the selected startups, which will be incubated for a year at its technology center in Chennai.
The startups will get access to PayPal’s tech infrastructure, network, and team to help them grow, Guru Bhat, head of engineering at PayPal, told the press.
Here are the five startups it picked from over 250 that applied:
FinBox
FinBox is a financial toolbox for lending online. It has tools that help lenders automatically verify the identity of borrowers using photo-matching, e-KYC [know your customer], and document text extraction technologies. It collects data from multiple sources for lenders to underwrite loans and cross-sell financial products to its customers. FinBox’s three products – Identity, Underwriter, and X-sell – can integrate with the lenders’ websites, apps, and other loan management software.
NeoEyed
NeoEyed wants to help ecommerce companies reduce the number of shoppers who abandon their carts without buying. It is betting that an easy user authentication process is a solution. It has tech that helps users register with a single click and login without a password. Its tech recognizes users by gathering behavior data and claims to help users “pay without entering card details” and improve security of ecommerce transactions.
Paymatrix
Paymatrix streamlines rent payments for tenants, landlords, and property managers. It automates the rent collection process through different payment options, offers customized rental agreements, and provides tenant screening services to property owners. “Tenants can pay their rent or rental deposits on credit card and enter into rental agreements online, while landlords can screen potential tenants and avail renters’ insurance” using the software, Paymatrix says.
Scalend
Scalend has a ready-to-use web app that requires no coding and gives financial services companies insights on their customers. Scalend combines proprietary AI models with big data – Hadoop’s storage and computation power – to do that. Their tech can help financial companies get real-time insights on anomalies, bottlenecks, and churn to take corrective action quickly.
Tybo
Tybo helps small businesses get online fast. Businesses who adopt Tybo’s hosted ecommerce platform get to customize the design and features according to their needs and manage multiple sales channels within it. It claims to have a “humanized, simplified system with insightful data analytics, and built-in behavioral intelligence.” Tybo’s software can be integrated with systems at the supplier end and offers real-time inventory sync as well.
PayPal launched its incubation program in 2013 in partnership with The Indus Entrepreneurs (TiE).
