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Harborfront in Visakhapatnam. Photo credit: snehit / 123RF Stock Photo (copyright).
The news (extracted from Bloomberg):
- Singapore fintech hub Lattice80 plans to open an office in India by the end of next month, as the first step in global expansion plans targeting London, New York and the Middle East.
- The firm is planning a 30,000 square-foot space in Visakhapatnam that can host as many as 100 tech startups. It is already in discussions with 30 potential tenants.
- Some firms hoping to take space at the new location are already operating in Lattice80’s Singapore hub. These include Miss Kaya, an online bank for women, and robo-advisers Bambu and Smartfolios.
- Lattice80 first announced its plans to launch in Visakhapatnam back in March.
Why it matters:
- Lattice80 claims it is now the world’s largest fintech incubation hub. Its flagship Singapore venue houses 85 startups, as well as global blockchain consortium R3.
- Other accelerator and incubator networks to have opened fintech-focused hubs in India include Startupbootcamp and UK bank Barclays’ Rise, both in Mumbai.
- Lattice80 wants to tap similar low-cost, high-quality resources in other emerging markets too. In Asia-Pacific, it is planning to open branches in Bangkok, Jakarta, and Ulaanbaatar, as well as established financial center Hong Kong.
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