Note from the Publisher: FintekNews remains committed to our American roots and making sure that we are covering the fintech industry at large here in the US. However, we would be like an ostrich hiding our heads in the sand if we chose not to feature international firms in the space. Featured in the following piece is an Indian-based fintech accelerator, and in fact, we've been reading quite a bit about the Indian fintech space of late and it's rapid pace of growth.
"“Everybody calls wallets and lending platforms ‘fintech’. But if you look internationally, if you look at fintech, it is more about investments and managing people’s money. Just some wallet play on an e-commerce site isn’t fintech,” says Nithin Kamath, Founder of Bengaluru-based Zerodha. Nithin, along with Kailash Nadh, has also started Rainmatter, a fintech startup incubator.
Apart from helping them with infrastructure, Rainmatter invests in these startups in exchange for equity, and even helps with strategic partnerships. The team has allocated close to Rs 35 crore to Rainmatter, and the risk they have on a startup is not more than $1 million.
The idea for Rainmatter came when the duo thought of what they could do to revolutionise the fintech space in India. Rainmatter works as an API platform, where any fintech startup can come and build a user experience of its choice. The idea is to help fintech startups truly disrupt user experience in the financial landscape."