IIFL to support fintech startups amid COVID-19 crisis

Mumbai: Financial services group IIFL on Wednesday said it has launched an initiative to support fintech startups that are facing funding and growth challenges due to the COVID-19 pandemic. The initiative, named #IIFLDisrupt, will help fintech startups by providing funds, becoming their first client and giving access to mentors.

"COVID-19 has disrupted the whole world. The post-COVID world will see revolutionary fintech disruptions. We are keen to partner, invest, collaborate with fintech startups passionate to disrupt and change the world of finance," IIFL Group chairman and founder Nirmal Jain said in a release.

"We are looking out for fintech startups that can disrupt the existing chain, digitise the process, increase productivity, and boost various aspects of the business," he said.


Under the initiative, accelerators and incubators across the country are also invited to collaborate for providing assistance to fintech startups.

The Group had raised two seed venture funds of about Rs 1,000 crore each in the last five years and made multiple investments in startups including food delivery services firm Box8, conversational artificial intelligence (AI) startup Uniphore, digital lending platform NeoGrowth and online fashion marketplace Fynd.