Capital Float Named Fintech Startup of the Year at India FinTech Awards 2016

MUMBAI, November 29, 2016 /PRNewswire/ --

India FinTech Forum organized India FinTech Awards (IFTA) 2016, the biggest fintech demo event in India, on 26^th November, 2016 at Mumbai. After 20 product demos by leading fintech firms, Capital Float was selected as the Fintech Startup of the Year at India and BankBazaar won the Leader in Corporate Innovation award. The evaluation framework and the judging process was managed by PwC India. Eminent judges including Mr. Sundeep Sikka, ED and CEO, Reliance Nippon Life Asset Management Ltd, Mr. Bala Srinivasa, Partner, Kalaari Capital Advisors and Mr. Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank painstakingly selected the best fintech firms.

Mr. Bala Srinivasa said, "Fintech is obviously the hot area right now given demonetization and the aftermath of that. There was a very broad range of companies here that was very interesting. Obviously some are more further along than others, and it is forums like this that give everyone an opportunity to see what is new and upcoming in India. This is always useful for investors and banks. Overall IFTA is a very useful event and hopefully it will continue."

Capital Float has won a cash prize of INR 5 lac along with various other benefits from event partners that include CII Startup Mentorship Circle, NASSCOM 10000 Startups, Let's Talk Payments, Zone Startups, Rise Mumbai and IBM Bluemix. Gaurav Hinduja, Co-founder and MD at Capital Float said, "We're honoured to receive the Fintech Startup of the Year award at the India FinTech Awards 2016. Our kirana loan app disburses the fastest loan in India with instant approval and no paperwork. This app is enabling financial inclusion at grassroots level, incorporating traditionally underserved SMEs into the formal financing ecosystem. This recognition further confirms the transformational impact of our efforts, as lending continues to evolve in India."

IFTA 2016 was attended by people from all across the globe.Yoti, a digital identity app based in UK, showed how a smartphone app can replace ID cards.MeReal Biometrics from Hong Kong was declared Fintech Rising Star along withToneTag and Coverfox. Philippe Blot, Co-Founder of MeReal Biometrics said, "I've been quite amazed with the discussions that we were having with event attendees. It is great to have people appreciate our technology. IFTA 2016 has been a very well organised event". Kate Davies, Head of Marketing at MeReal Biometrics added, "It's a great endorsement for us and a great first step into this amazing Indian fintech market."

The India FinTech Awards was launched in August 2016 to discover India's most innovative fintech companies who would be able to showcase a well-executed working product, not just ideas.

Adhil Shetty, Founder and CEO of BankBazaar said, "Paperless is the journey we've chosen and the direction the country is moving. This validation of our vision of digital paperless banking by third-party comprising banks and industry experts at IFTA 2016 is very heartening, and keeps us motivated in making the process more frictionless and take the process to a wider audience to help them access the right financial products instantly."

Deepak Panigrahy, Vice President, Products & Global Business at EZMCOM noted on his experience of attending IFTA 2016, "This is a great start, It is the first time I've seen something happening in the fintech space in India. It has brought together enthusiastic startups and mentors together. I look forward to many more such events."

Sougata Basu, Founder of CashRich said, "India FinTech Forum is a volunteer-driven organization, primarily led by fintech startups. As a member of this forum, we are happy to see the huge success of India FinTech Awards 2016 in bringing thought leaders from fintech sector on one platform."

About India FinTech Forum 

The India FinTech Forum is a non-profit initiative that offers a platform for fintech companies to collaborate and voice their opinions on the relevant policy issues. Around 40 fintech companies, who are members of this forum, are dedicated to enhancing the ecosystem to ensure that India leads the global fintech innovation wave. The forum aims to facilitate the entrepreneurs to best utilise the available fintech ecosystem. On an international level, the India FinTech Forum is a member of Global FinTech Hubs Federation (GFHF) where it represents the Indian fintech sector.

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