Bank

Yes Bank announces undisclosed investment in Venture Catalysts to support startups

Yes Bank announced on Wednesday an investment of an undisclosed amount in the funds of the Venture Catalysts group (Venture Catalysts) which provides financing, mentoring and a network to the founders of startups. The group supports startups in their journey from the birth of the idea to the growth phase. Yes Bank has also invested in two other associated companies: Beams Fintech Fund and 9 Unicorns Accelerator Fund. While the former invests in growth-stage companies, the latter is an independent investor in the early-stage sector.

Through these investments, the bank aims to further strengthen its mission to meet the needs of the “Future Tech Businesses of India” and to enhance innovation in technology and finance.

Speaking of the same, Ajay Rajan, Country Head of Transaction Banking at Yes Bank, said, “We are delighted to partner with Venture Catalysts and allied platforms – Beams Fintech Fund and 9 Unicorns Accelerator Fund. We believe that this partnership is a step in the right direction to become the reference bank for technology startups. »

He further added that collaboration between banks and technology companies, especially fintechs, will play a vital role in India’s growth journey.

Through this partnership, Yes Bank is strengthening its presence in India’s growing technology markets. The bank was a pioneer in technology and was the first in India to open its APIs to various tech companies in 2015.

Naveen Surya, co-founding member of the Beams Fintech Fund, said it was a good start for the tech ecosystem and encouraged other banks and fintechs to partner with groups like theirs. “We aim to create a broad ecosystem of banks, NBFCs and fintech companies to support the technology ecosystem. We look forward to working with Yes Bank and bringing positive results to all companies and founders in our portfolio,” he added.

Beams Fintech Fund was launched in early 2022 with a mission to build India’s largest fintech ecosystem. It actively invests in growth-stage innovative technology companies in the fintech space in India, including Embedded Finance, SAAS for Banks and Financial Institutions, SAAS for Enterprises, Global Enterprise SAAS, Personal Finance Management and Neo Banking space .

9 Unicorns Accelerator Fund was started by founding members of Venture Catalysts. This is an industry independent VC that aims to disrupt the idea stage by investing in India.

Read it Recent news and recent news here