The Maharashtra government introduced India’s first Fin-Tech policy in February this year to establish, promote and facilitate FinTech start-ups along with an accelerator program.

Mumbai is one of India’s primary economic hubs due to its ideal location, excellent infrastructure and competitive business environment which makes it a thriving FinTech ecosystem. The Maharashtra CM Devendra Fadnavis inaugurated the Mumbai FinTech Accelerator program with a corpus of Rs. 200 Crores to enhance this further. The programme was launched in September and received more than 200 applications.

“The objective of the accelerator programme is to foster innovation across the financial services ecosystem to nurture exceptional FinTech firms that enable financial empowerment and technological advancement, “he said.

Bonfleet was one of the 13 startups that were shortlisted out of them which will be receiving benefits like mentorship, talent acquisition corporate support, and access to Mumbai Fintech API Sandbox, government APIs and to regulators.