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OMA Emirates to pump in $23 million to grow Indian Fintech sector

LiveMint logoLiveMint 29-08-2017 PTI

Mumbai: Payments and financial technology company OMA Emirates Group on Tuesday announced the launch of a dedicated fund for emerging and potential financial technology companies and startups in the country.

Through the scheme, OMA Emirates FinTech Fund, the West Asia based company will invest a corpus of $3 million towards FinTech startups that have been in operation for 12 months or less, it said in a statement. In addition, the company also plans to invest $20 million across other FinTech verticals and towards innovation of existing products and services depending on the national and international presence of the company, it added.

OMA Emirates will provide support in terms of technology, R&D, practices and GTM strategy, and is focused on growing and developing fintechs in addition to providing capital support. “The payments space, particularly in India, has evolved with several remarkable innovations.

Globally, India has been viewed as a growing market for startups and SMEs and has been an active player in the FinTech segment,” Niranj Sangal, Group CEO of OMA Emirates Group, said. “Nearly 60 - 65% of Indian startups having tremendous potential to produce a great product cease operation primarily due to lack of funds.

With the OMA Emirates FinTech Fund, we aim to aid such FinTech start-ups which we believe will be a credible asset to OMA Emirates. “We are looking beyond simply providing financial support and will explore strategic partnerships with all the companies we engage,” he added.

Aiming to give the right impetus to the FinTech sector, the OMA Emirates FinTech Fund aims to provide growth with adequate mentoring and scalability to potential companies within the sector. It also aims to provide a level playing platform not only to technology, but will focus on unique initiatives which exhibit growth potential, the release added.

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