YES Bank, in collaboration with the Reserve Bank Innovation Hub (RBIH) and SP Jain Institute of Management and Research (SPJIMR), announced the launch of the Frictionless Finance Accelerator program. This initiative, unveiled on National Startup Day, aims to help fintech startups address critical challenges, scale their innovations and drive financial inclusion.
The startup ecosystem in India is thriving, with over 1.5 lakh startups registered by the Department for Promotion of Industry and Internal Trade (DPIIT) and over 100 unicorns. Fintech, a key pillar of this growth, is redefining access to financial services and enabling small businesses to thrive. With this accelerator, YES BANK strengthens its role as a catalyst for innovation and collaboration in this dynamic sector.
Key features of the Frictionless Finance Accelerator include:
Support system for startups: Startups have access to the expertise of RBIH, the academic resources of SPJIMR and the sectoral knowledge of YES BANK.
Focus on Emerging Technologies: The program supports solutions in digital lending, AI-based risk management, blockchain-based payments, and financial inclusion.
Regulatory and business advice: Platforms like YES Connect provide startups with tools to navigate regulatory frameworks, optimize business models, and leverage digital infrastructure.
Collaborative Ecosystem: The program builds partnerships between fintechs, industry leaders and regulators to drive growth and innovation.
Prashant Kumar, Managing Director & CEO, YES BANKsaid, “India has become the third largest startup ecosystem in the world, and fintech startups are at the forefront of this transformation. The world is changing rapidly and the future is one of interconnectivity, powered by technologies that once seemed impossible. At YES BANK, we are committed to supporting this growth through initiatives such as Frictionless Finance Accelerator, which helps startups tackle real-world challenges and create scalable solutions.
YES BANK’s role in driving innovation
YES BANK has always supported startups, particularly in the fintech space, through initiatives such as YES HeadStartup and digital platforms such as IRIS Biz, YES Connect and SmartFin. These solutions simplify operations, allowing startups to focus on innovation.
The bank’s partnerships, such as the recent collaboration with Vegapay to launch a credit line on UPI, highlight its focus on co-creating financial solutions tailored to the needs of startups. Likewise, its association with SPJIMR’s Wise Tech School of Innovation provides startups with mentorship, access to funding and resources to scale effectively.
“Our goal is to create a robust ecosystem in which startups can thrive. We don’t just offer products or platforms; we offer partnerships that generate real impact,” added Kumar.
Dr. Varun Nagaraj, Dean, SP Jain Institute of Management and Research, highlighted the value of collaboration for responsible innovation, saying, “We appreciate the support provided by RBIH and YES BANK to launch the first financing accelerator frictionless. At SPJIMR, through our WISE Tech initiative, we champion responsible innovation that combines cutting-edge technology with inclusiveness and ethics. This partnership will enable start-ups to address challenges, redefine affordability and contribute to India’s growth. Together, we shape a transparent and secure financial culture.
Rajesh Bansal, CEO, Reserve Bank Innovation Hub, shared its vision and said, “Our mission of enabling “frictionless financing for a billion Indians” is deeply rooted in promoting innovation and entrepreneurship. This accelerator program demonstrates our commitment to empowering entrepreneurs by providing access to world-class mentorship, facilitating connections with banks, and enabling them to create transformative growth pathways that will shape the future of Indian financial ecosystem.
The launch of the program coincides with a period of tremendous opportunity and transformation. With global venture capital investments reaching $314 billion in 2024 and the global digital economy expected to surpass $20 trillion by 2030, fintech startups are poised to play a pivotal role in the future of finance. The Frictionless Finance Accelerator is a movement that symbolizes the transformative power of partnerships, bold vision and relentless action.