US-based payment processing service PayPal has selected five fintech businesses for the next cohort of its incubator in India and will take a stake of undisclosed size in each, Tech in Asia reported today.
The program will take place in Chennai at PayPal’s technology centre, where the companies will have access to the corporate’s technology infrastructure, network and mentors.
PayPal received more than 250 applications for the incubator’s fifth cohort.
The company chose Finbox, which has developed a platform to facilitate online lending, NeoEyed, which has created an authentication process for online shoppers that it hopes will reduce the number of people abandon their shopping cart, and Paymatrix, a platform to simplify rental payments and tenant screening.
The final two startups are Scalend, the developer of a web app that helps financial services companies gain real-time insight into irregularities, and Tybo, which operates a hosted e-commerce platform that can be customised to a business’s needs.