RBL Bank is planning to launch an entrepreneur-in residence program for fintech startups in the next one year. The bank had recently opened a dedicated branch for start-ups in Bengaluru. The bank has already entered into partnership with several start-up accelerators in the city and has created facilities in its office there to handle the task. The bank intends to identify and evaluate relevant startups incubated by the accelerators, especially those whose solutions are synergistic with its products and services. Rajeev Ahuja, head-Strategy, of the bank, said the bank has been working with a number of startups over the last 6-8 months through partnerships with startup accelerators and are currently in the process of evaluating fintech startups that can become a part of the bank’s EIR program. It may then shortlist two or three startups, which will be working in-house, but as independent companies, he added. Besides providing banking services to these start-ups, the bank also provides mezzanine funding through partners and accelerator funds, which serves as a bridge round to an equity raise of Series B or C funding.
