Recogsquare, a start-up incubated and funded by IIT Roorkee has won the ‘Most Innovative Digital Onboarding Rollout’ award at Global Fintech Innovation Awards. The awards are organized by IBS Intelligence in collaboration with Equitas Small Finance Bank.
Director of IIT Roorkee, Ajit K Chaturvedi said that he was extremely pleased that Recogsquare, a startup incubated in the institute had been conferred with an award. He further added that AI was one of the frontiers in the technological world and their startups were at the forefront of that frontier.
Recogsquare is an eKYC and Video KYC platform backed by AI SaaS. The startup streamlines and automates ID verification and individual onboarding process. It was funded and incubated by TIDES, IIT Roorkee with support from the NIDHI Scheme of NSTEDB, Government of India.
The app was awarded a contract for KYC tool deployment for a bank just before 3 weeks of its creation. It successfully helped them to reduce the customer drop off rates.
Recogsquare co-founder, Kunwar Raj said, “I am humbled to have won this award. I have always been intrigued by the world of AI and cutting-edge technologies and their potential to shape economic development. I am thankful to IIT Roorkee who has provided us end-to-end support, mentorship and guidance to take my passion further.”
IIT Roorkee has established TIDES to promote entrepreneurship and innovation in the region. To this end, TIDES runs a business incubator at IIT Roorkee. It promotes the creation of new startups by providing them with physical, financial, and technical support and services.
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