The value of the investment hasn’t been disclosed.
It has made investments in two platform: Beams Fintech Fund and 9 Unicorns Accelerator Fund
We believe this partnership is a first step toward becoming the primary bank for technology entrepreneurs: Yes Bank Country Head
Yes Bank has invested in Venture Catalysts Group Funds, an incubator that is integrated. However, the value of the investment hasn’t been revealed.
It has made investments in two different platforms: Beams Fintech Fund and 9 Unicorns Accelerator Fund.
The fund was launched at the start of 2022 Beams Fintech Fund (Beams) was established in 2022 and has invested in growth-stage companies in the fintech industry that include embedded financespace, SaaS specifically for banks and Financial institutions, SaaS for businesses, global enterprise SaaS as well as personal finance management, and the Neo banking.
9 Unicorns Accelerator Fund has been created by the founder group of Venture Catalysts. The fund has raised over $100 million and is currently deploying funds from its first fund.
Venture Catalysts Group Funds offers financial assistance, mentorship, as well as networking services to entrepreneurs starting from the initial idea phase to the growth stages of the startup process.
Through these investments, the bank is hoping to serve the “Future Tech Businesses of India’, and encourage the development of technology including the financial sector, the bank said in an announcement.
According to a statement from the official the partnership is aligned with Yes Bank’s long-term expansion strategy to increase its presence in India’s rapidly growing tech market through investing in innovators of tomorrow.
The lender is working with and aiding technology companies to explore and develop ideas in various scenarios including agriculture, health education, commerce open banking, logistics, supply chain payment, finance and digital banking, among others , has been an important element of its innovation strategy according to the statement.
“We believe this collaboration will inspire other fintechs and banks in the market to join forces with organizations like Beams Fintech Fund and 9 Unicorns Accelerator Fund. We hope to build an extensive ecosystem of banks, NBFCs, and fintech companies that can help support the tech ecosystem” Naveen Surya, co-founding member of Beams Fintech Fund, said.