IDFC First Bank, NASSCOM Centre of Excellence sign pact for innovative banking solutions of startups

Mumbai/Bengaluru (Maharashtra/Karnataka) [India], December 7 : IDFC FIRST Bank and NASSCOM Centre of Excellence (COE) have partnered to grow the innovation ecosystem through an exclusive range of banking solutions.
A memorandum of understanding was signed between IDFC FIRST Bank and NASSCOM COE for appointing the lender as a preferred banking partner for startups, at an event in Bengaluru, attended by startup founders.
IDFC FIRST Bank in a joint statement with NASSCOM Centre of Excellence said it would offer its curated products and solutions for startups including zero balance startup current account, uniquely designed working capital solutions for pre-profit startups, business credit cards for startups with step-up credit, a tailored 'founder success program' and over 40 beyond banking offers from its partners.
While NASSCOM CoE will bring in technology and domain expertise to the partnership, IDFC FIRST Bank will offer tailored financial products to support innovation and entrepreneurship. NASSCOM COE and IDFC FIRST Bank will collaborate across a range of initiatives such as Investor Connect, knowledge-sharing sessions and tech conclaves to engage with the startup community extensively, according to the statement.
The statement said NASSCOM Center of Excellence (CoE) is the country's largest Deeptech innovation ecosystem comprising startups, innovators, enterprises, and the government. It also said the CoE focuses on accelerating the impact and implementation of solutions that solve real-world challenges through the utilisation of deep technologies with extensive academic research.
Bhavesh K Jatania, Head for Startup Banking, IDFC FIRST Bank, said, "Startups have led to innovation, employment and dynamism in Indian business. As a bank, we are committed to creating a strong ecosystem that enables grass-root level startups to prepare for the road ahead and help startups achieve critical milestones."
Jatania said their range of financial solutions under FIRST Wings Startup Banking were customised and take into account the specific needs of this segment through their life stages. "We are absolutely delighted to join hands with NASSCOM COE to harness synergies and support the startup ecosystem," Jatania said.
Sanjeev Malhotra, CEO of NASSCOM Center of Excellence, said, "We are looking to increase the impact from the young companies and they can have to be guided on technology side and also on the financial side and we are happy that IDFC brings that expertise."
The joint statement said IDFC FIRST Bank's Startup banking programme under FIRST WINGS was designed to power the startup ecosystem by offering solutions that complement their inclination to innovation, technology and aggressive growth through life stages. Bank's special 'Founders Success' programme offers mentoring services and supports aspiring business owners in every aspect of setting up business.