For more information, journalists are welcome to contact:
Senior Communications Advisor
T +31 (0)70 314 9928
Village Capital, a leading global venture capital firm, has launched applications for its FinTech: India 2017program, which will support and invest in early-stage fintech companies across India. The program is being supported by PayPal and FMO (through its Capacity Development Program).
Despite a surge in the use of mobile wallets following demonetization last year, 80% transactions in India today are still carried out in cash. Approximately 70 million bank accounts across the country are inactive and 19% of the Indian population is still entirely unbanked. A credit gap of $334 billion exists for small and medium sized enterprises across the country, as business owners struggle to find flexible, affordable financial products to enable them to manage and grow their businesses.
To address these challenges, Village Capital, in collaboration with PayPal and FMO, is looking to support early-stage fintech ventures building India-specific solutions to the country’s unique challenges in financial inclusion. After an extensive application and selection process, Village Capital will select a cohort of 12-15 companies to undergo a highly personalized, three-month non-residential program focused on investment-readiness.
The selected companies will participate in three four-day workshops where they will work with Village Capital’s award-winning investment-readiness curriculum and engage with potential customers, strategic partners, investors, and sector experts. At the end of the program, the top two companies in the cohort, as selected by their peers, will receive an investment offer of US$50,000 each.
Applications are live at http://vilcap.com/program/fintech-india-2017/. Apps close Oct. 6th, 2017!
About Village Capital:
Village Capital is a global venture capital firm that finds, trains and invests in entrepreneurs solving real-world problems. Since 2009 we have invested in over 70 ventures across 15 countries, with 12 profitable exits, and supported hundreds more through our collaborative investment-readiness programs. Village Capital graduates have leveraged initial capital 25:1, created over 11,000 jobs, and served over 6 million customers. For more information, visitwww.vilcap.com and follow @villagecapital on Twitter.
At PayPal(Nasdaq:PYPL), we put people at the center of everything we do. Founded in 1998, we continue to be at the forefront of the digital payments revolution. In 2015, 28% of the 4.9 billion payments we processed were made on a mobile device. PayPal gives people better ways to connect to their money and to each other, helping them safely access and move their money and offering a choice of how they would like to pay or be paid. With our 179 million active customer accounts, we have created an open and secure payments ecosystem that people and businesses choose to securely transact with each other online, in stores and on mobile devices. PayPal is a truly global payments platform that is available to people in more than 200 markets, allowing customers to get paid in more than 100 currencies, withdraw funds to their bank accounts in 57 currencies and hold balances in their PayPal accounts in 26 currencies. For more information on PayPal, visit https://about.paypal-corp.com. For PYPL financial information, visit https://about.paypal-corp.com and follow on Twitter @PayPal