Reputed global financial services player, JP Morgan has collaborated with one of the top premier management institutes in India, IIM Ahmedabad to support early-stage fin-tech start-ups. JP Morgan will start a Financial Inclusion Lab to support and fund early-stage fin-tech start-ups so that they can achieve the sale.
The total cost of the project is $9.2 million and the initiative will be a part of IIM Ahmedabad’s incubation and entrepreneurship centre. The aim of the initiative is to identify early-stage fin-tech start-ups that focus on helping people in the lower and middle-income segment. The identified start-ups will receive funding, support and mentorship from JP Morgan and IIM Ahmedabad to scale up their activities.
The Financial Inclusion Lab that will be set up by JP Morgan at IIM Ahmedabad will host a series of accelerator programmes to figure out solutions for certain financial challenges. The best/ leading ideas will get support with start-up capital, technical assistance, market access, sector expertise and mentoring. JP Morgan is inviting applications from Fin-Tech entrepreneurs to join the lab.
For the next four years, JP Morgan will provide $7 million funding towards this unique initiative. So far, this is the largest philanthropic commitment made by JP Morgan outside of the United States (US). Bill & Melinda Gates Foundation and Michel & Susan Dell Foundation are also supporting the unique initiative of JP Morgan with regards to the Financial Inclusion Lab.
Chief Operating Officer of IIM Ahmedabad Centre for Innovation, Incubation and Entrepreneurship, Priyanka Chopra expressed the premier management institute is happy to be a part of this noble initiative.
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