ISME ACE is a 360-degree Fin Tech Ecosystem for Startups, Corporates, Investors and Students, to accelerate creativity and disrupt the financial services industry. ACE stands for “Accelerating Creative Entrepreneurs”, which is the primary focus of this collaborative ecosystem. By accelerating over 100 startups in next 2 years, ISME ACE aims to lead the fintech revolution in India, backed by enablers such as Indiastack, Jan Dhan, UPI, GST, Block Chain, Artificial Intelligence and higher internet, mobile penetration.

This year for cohort -1, 6 Fintech Startups have been selected post a through screening process, from over 500 applications received.

CASHCOW, MONEYTOR, OPEN, ARTOO, SMARTCOIN and TRENDLYNE

CASHCOW: Distribution channel for financial products through a network of trained micro entrepreneurs

The comfort and convenience which were nonexistent in the taxi space before OLA/UBER is missing in the banking space. Their vision is to bring Banking at the customers doorstep by offering a complete spectrum of banking products to customers doorstep via OLA /UBER model.

Cashcow has certified advisors available to help customers for any of their financial needs, handhold them throughout their financial needs, handhold them through their financial journey. Cashcow has tie-ups with over 50+ banks & NBFCs has a proven capability to offer the best in the market products & fit to suit solutions to fulfill varied consumer needs that is Personal Loans, Home Loans, Balance Transfer, Credit Cards and Top-up loans. http://www.cashcow.ai/

Cashcow disruptive model is through Lead Sourcing Channel Source Agents, Website, App, Alliance Partners, the Lead Allocation engine will have a statistics driven algo to select the best matched advisor then the qualification engine an AI based platform to assist in matching customers and lenders.

Currently they have 250Cr+ loans disbursed since Jan 2017, 15000+ Credit Cards have been setup for 6 banks. As future growth they are looking forward to expand their Advisor base to 20,000 across Pan India, in the next 1 year.

MONEYTOR: Automatic stressed receivables management by leveraging technology

Moneytor is leveraging technology to make the currently fragmented stressed receivables market more efficient. They are improving default recovery rates by utilizing machine learning and proprietary algorithms to automate and digitize the process involved.

By doing this, they shall help consumers Maintain a healthy credit score, select a re-payment plan based on their financial condition and get rid of annoying agent calls. Three words to describe Moneytor are Efficient, Smart and Self-learning leveraging on them they made collection process automation, one dashboard to monitor all our agents and cases along with API integration to weed out all errors. With settlement decision making one can automate one’s settlement process with their AI based systems, based on elaborate decision making engine for every step in the collection process. The final leg, Automated communication will automate all our defaulter communication based on the response of the consumer. They are using smart bots to automate all user responses. http://moneytor.in/#home

Inputs like Client Details, Loan details, Third Party Data, Bucket Movement History, Transaction History and Communication History are fed into the system to get Automated communication plan, Profile performance analysis, Customized road to recovery, Settlement Strategy.

This Mumbai – based stressed receivable’s management firm Moneytor has raised an undisclosed amount of funding from 500 Startups, ISME ACE. The round also saw the participation of few angel investors. By automating the process using an in-house communication tool and decision-making engine, which suggests appropriate settlements to users based on their profile, Moneytor helps make the process quicker and efficient.

OPEN: Digital Banking service that combines banking, book keeping and payments in one simple interface

Open helps digital payment account that helps businesses get paid, reconcile and payout automatically and works with one’s existing bank account and accounting systems. It helps setup digital payment account with an instant bank account number and IFSC code in less than 5 minutes and start receiving and sending payments. It also helps to easily automate inbound and outbound flows, grow revenue and create a delightful experience. http://www.bankopen.co/

It works on 4 principle-based model:

1. Open Receive: Receiving and processing payments made easy by removing tedious and error prone manual reconciliation. With open they help collect payments using bank transfer, card payments using bank transfer, card payments and cheque and automatically reconcile the transactions with your invoices.

2. Open Send: Instead of end batch of files and manually setting up payments, open automates disbursements, supplier payments and payroll while paying out rapidly, all powered by faster payments.

3. Open Rails: Their API driven platform lets developers easily integrate banking and payments into their applications and accounting systems.

4. Open Plus: Open Plus includes an array of apps that help business grow and manage their finance.

ARTOO: Intelligent digital lending tool to aid lending to small business and micro entrepreneurs

Artoo enables MSME lenders to effectively serve a borrower base with limited digital footprints, by equipping the field agent with cutting-edge technology at the borrowers door step, making the most of the technology and the human being to reduce anxiety and deepen financial inclusion.

Artoo sets itself apart by combining the compliance and enterprise standards of Traditional Banking Tech combined with NextGen intelligence of Big Data, but more customer intimate than both because of its Sharp focus on MSME. Currently they have disbursed 2000 crores and assessed 5 lakh MSMEs, they have a network of 600 branches with 5000 field users. They currently have clients like Grameenkoota, RBL Bank, Muthoot Fincorp, Samunnati, Ujjivan small finance bank etc.. https://artoo.com/

Artoo functions by providing end to end digitalization, peer comparison to infuse intelligence in underwriting which leads to Lead scoring & instant Loan Qualification along with SWIFT & Automated compliant process post approval tied up with seamless user adoption tells collections scoring by providing early signs of default.

SMART COIN: Mobile app-based lending platform powered by credit analytics, risk assessment and profiling

Their vision is to provide financial access to the millions of mobile users of India using alternative credit assessment aided by data science and machine learning. It starts off with registering with your facebook account a quick online form and by selecting the loan amount & duration one can get the money in one’s bank account instantly. By paying back one’s EMI online, one can unlock larger loans. https://www.smartcoin.co.in/

Smartcoin does credit underwriting using ML algorithms on non traditional and traditional data which help capture the vast under – served millennial and aspirational customer base which results in above market IRRs with extremely low risk. End to End loan monitoring and collections make it 100% digital, paperless & automated loan disbursals.

So far they have disbursed 60,000+ loans on an average of 4-5 crore disbursement per month with 90% repeat usage.

TRENDLYNE: A comprehensive stack analysis platform for ordinary investors, analysis and advisors

Trendlyne claims they are the only investing platform one will ever need. They bring a powerful new platform to financial markets. It makes information on stock markets more digestible through better, more comprehensive news feeds; that makes data easier to understand through interactive charts and indicators, and most of all, makes information and insight easy to share through its social infrastructure.

Tendlyne imbibes powerful products that cutdown analysis time run complex queries and backtests in under a minute. Their target audience are financial decision makers, this platform converts unstructured data into structured data for easy analysis. It lets you build custom strategies over 700 metrics with backtesting and recommendation engines. The platform is customizable for analysts, so that products come with your unique toolkit. https://trendlyne.com/

Trendlyne is a highly customized platform for analysts and investment managers. It reduces the time spent analyzing data by over 70%. Three step process, Build, run and backtest strategies instantly by combining technical and fundamental data in queries to setup a custom recommendation engine.

All these are making the Fintech industry in India future ready, kudos to the incredible efforts.