PayPal gains a stake in five FinTech startups

Online payments giant PayPal has named five new FinTech startups to enter into its incubator program in Chennai, picking up an undisclosed stake in each of the this year’s selected startups.

Finbox, Neoeyed, Paymatrix, Scalend and Tybo are the chosen five for this year. PayPal said that the program offers mentorship and counsel, together with infrastructure support and networking opportunities.

FinBox enables lenders to underwrite using alternative data and neoEYED helps improve user security by simplifying login processes on mobile applications.

Paymatrix is an analytics-driven property rental management platform that deals with rent payments and collections for tenants, landlords and property managers.

Scalend provides a AI customer insights platform for financial services companies and Tybo provides merchants with a single view of their business through multiple sales channels.

The decision was made after the final round of pitches during its fifth incubation challenge. Ten shortlisted startups pitched from an initial 250.

Copyright FinTech Global 2017

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