PayPal has announced the launch of the fifth edition of the PayPal Incubator Challenge. The Internet company formally invites the applications for early-stage financial tech companies. The companies include startups that focus on machine learning, big data, logistics and loyalty. These companies and startups will compete for the spot in the PayPal Incubator which was launched in 2013 as a partnership with Indian Entrepreneurs.

The PayPal Incubator provides a nourishing environment for young startups and businesses to grow, evolve and enjoy in a conductive atmosphere along with an exclusive facility at the company’s tech centre in Chennai. In addition to the environment, the Incubator also provides counsel, mentorship, networking opportunities with investors and customers and support in terms of infrastructure.

Guru Bhat the General Manager for Technology and Head of Engineering for PayPal India added that “The PayPal Incubator, with its State-of- the-art facilities backed by our 17 years of global experience and expertise in the sector, will help budding start-ups compete in a very competitive business environment. The recent demonetization has created a behavioural shift towards digital payments, and as we build next-generation solutions, the Incubator will help elevate and drive innovation, propelling India into a less-cash economy.”

The startups interested in competing for the spot in PayPal Incubator can submit their applications starting today. The last date of the applications will be January 31, 2017. According to the rules of the challenge, the applicants will be shortlisted and contacted to undergo two rounds of pitching before the finalists are selected by a jury panel. The Panel will include leaders from PayPal as well as significant entrepreneurs and venture capitalists across the country. Winner for 2015 PayPal Incubator Challenger includes CashFree, ftcash, Notifie and Codemojo.

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