PayU to Support Early-Stage Startups Banking with IDFC First Bank; Inks MoU

Fintech platform PayU has partnered with private sector lender IDFC FIRST Bank to support early-stage startups associated with the bank’s startup-oriented programmes such as Leap To Unicorn, FIRSTWINGS Connect, FIRST Symphony, etc. According to the memorandum of understanding (MOU) signed, PayU will integrate its operational expertise into IDFC FIRST Bank’s programmes to deliver go-to-market campaigns and integrated playbooks that combine payments technology and banking solutions and initiatives customized for startup founders.

“IDFC First Bank’s startup initiative mirrors PayU’s commitment to nurturing and fueling early- and growth-stage startups in India. Given our expertise in mentoring startups through our own impactful startup programs, we now look forward to playing a pivotal role alongside IDFC FIRST Bank to scale the next-generation of startup unicorns and help them achieve success,” said Vineet Sethi, Chief Growth and Marketing officer, PayU.

To begin with, PayU will serve as a payments solutions provider, investor, mentor, and corporate collaborator on IDFC FIRST Bank’s FIRSTWINGS Connect portal to help startups registered on the portal. 

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“Through our FIRSTWINGS Program, we aim to give startups access not just to capital, but also to the right partners and mentors to succeed. Partnering with PayU strengthens this vision, as their expertise in fintech innovation and scaling businesses, combined with ours, will create a stronger support system for entrepreneurs and accelerate innovation in India’s startup ecosystem,” said Bhavesh Jatania, Head, Startup Banking, IDFC FIRST Bank.

The partnership will further explore opportunities for operational integrations and co-branded GTM campaigns through IDFC FIRST Bank’s startup-focused initiatives to drive deeper distribution and engagement for promising startups.

Prosus-backed PayU provides payment gateway solutions to online businesses, including enterprises, e-commerce companies, and small and medium businesses. It enables businesses to collect digital payments across over 100 online payment methods such as cards, net banking, EMIs, pay-later, QR, UPI, wallets, etc. and more.