PIEDS, BITS Pilani launches ‘FinXcelerator’ in partnership with the Reserve Bank Innovation Hub (RBIH) and ICICI Bank

PIEDS, BITS Pilani announces the launch of FinXcelerator, a nationwide initiative to accelerate fintech startups, in partnership with the Reserve Bank Innovation Hub (RBIH) and ICICI Bank. This collaboration marks a significant step to promote innovation and create an inclusive environment for startups in the financial sector.

The Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the Reserve Bank of India, focuses on promoting and facilitating an environment that accelerates innovation across the financial sector, while Pilani Innovation & Entrepreneurship Development Society (PIEDS), a start-up cell of BITS, Pilani, specializes in incubation, acceleration, and funding for startups. ICICI Bank is a leading financial institution and pioneer in adopting technology-first solutions for its customers.

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ICICI Bank, one of the partners in the programme, will provide selected startups with curated mentorship, masterclasses, and accelerated opportunities to design solutions with the Bank. The Bank will also provide access to its API library.

FinXcelerator, a 45-day accelerator program, offers selected startups a comprehensive range of services, including mentoring, personalized support, and opportunities for pilot projects with ICICI Bank and other corporates. The program also features keynote sessions, panel discussions, networking meetups, and a demo day for startups to showcase their innovations to potential investors and stakeholders.

Talking about how FinXcelerator would benefit startups and the Fintech Sector, Mr. Rajesh Bansal, CEO, of Reserve Bank Innovation Hub, reflected "We are pleased to collaborate with PIEDS-BITS Pilani and ICICI Bank for FinXcelerator. This endeavor will help drive innovation in financial services, thus paving the way for a vibrant fintech ecosystem in India".

Deliberating on the FinXcelerator program, Prof. Sudhir Kumar Barai, Director of BITS Pilani, Pilani Campus said, “We are excited to announce the launch of FinXcelerator along with RBIH and ICICI Bank, where we believe that the next generation of fintech entrepreneurs would find all the resources and stakeholders such as Banks, VCs, Fintech Corporates and much more to reach their full potential. With this partnership, we aim to support innovative solutions that have the potential to disrupt the banking and financial services industry and propel the country towards the future of finance.”

Mr. Rakesh Jha, Executive Director of ICICI Bank, said, “ICICI Bank is delighted to partner with The Reserve Bank Innovation Hub (RBIH) and BITS Pilani to launch FinXcelerator to foster innovation & encourage entrepreneurship. We believe in offering bespoke financial solutions to startups, empowering them to thrive and flourish through startup ecosystem banking. ICICI Bank acts as a catalyst for their growth by providing adequate resources like necessary capital, networking opportunities, mentorship, and global exposure.”

This collaboration between RBIH, PIEDS, and ICICI Bank highlights their commitment to supporting startups and driving the growth of India's fintech ecosystem.

The application window for FinXcelerator is currently open, and interested fintech startups can apply before the September 24 deadline. After the submission period, applications will be evaluated, and tailored goals will be set for each selected startup. The program has commenced with a launch event in Bangalore and continues with meetups in other cities leading up to the demo day, providing startups with exposure and valuable connections.