YeLo Bank, the first only-digital and mobile neobank has won the AWS Start-up Architecture Challenge India finals for the Year 2020. YeLo Bank focuses on serving mass-market consumers. AWS provides start-ups with less expensive and easy-to-use infrastructure that can be used to scale and grow the businesses.
The AWS Start-up Architecture Challenge is an initiative by Amazon Web Series in which AWS start-up customers in selected regions are given the opportunity to showcase their unique and innovative architecture platforms built on AWS (Amazon Web Series). YeLo Bank was the regional winner and was awarded 25,000 dollars in AWS Credits.
Nishant Chandra the Co-founder and Chief Technology Officer (CTO) of YeLo Bank shares the start-up’s journey and the challenges they have faced along with the reason behind creating the neobank’s technology stack on AWS with the people. Eight finalists were shortlisted to participate in the regional finals. This includes YeLo Bank also. Recko, Niyo, SurveySparrow, inVOID, Trapyz, NIRA, and KredX are the other finalists shortlisted by the AWS start-up Architecture Challenge.
The judging panel for the completion includes Co-founder & Distinguished Engineer of Freshworks, Kiran Darisi; Co-founder of HackerRank, Harishankaran K; Global Head- Database Services of Vinculum Solutions Braj Kishore Mahto; Vice President of PayU, Neeraj Chauhan; Chief Technology Officer (CTO) of Zerodha; and Co-Founder and CTO of Observe.ai, Akash Singh. They shared a brief sketch of start-ups’ innovative architecture. They have also given an overview of how this will be affecting AWS’s numerous capabilities with which they can benefit their business. When YeLo Bank was announced as the India winner of AWS start-up Architecture Challenge, the other participants, inVOID, Trapyz, NIRA, KredX, Niyo, SurveySparrow, and Recko were announced as the runners-up for the competition.
Nishant Chandra, in his keynote speech, stated that the start-up built the neo banking stack on AWS. He further added that services provided by AWS include a significant portion of all the functions required to run a retail bank along with powering the banking solution.
