White Matter Advisory India Pvt. Ltd (WMA), a niche Fintech player in the cross border payment space via its product Xchange.pe has successfully incubated from the prestigious FinBlue program-an initiative by the Software Technology Parks of India (STPI) under the aegis of the Ministry of Electronics and Information Technology (MeitY), Government of India. This milestone marks a significant step forward in the company’s journey, further strengthening its position in India’s dynamic and rapidly growing FinTech ecosystem.
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From left to right: Piuesh Daga, COO, White Matter Advisory; Kranthi Reddy, CCO, White Matter Advisory; Bhaskar Saravana, CEO, White Matter Advisory; Saurabh Jain, CBO, White Matter Advisory
FinBlue, headquartered in Chennai, is a Centre of Entrepreneurship (CoE) launched by STPI to support early-stage FinTech startups. The program provides a comprehensive incubation platform, offering access to funding, mentorship from domain experts, market connections, and a regulatory sandbox in collaboration with key financial institutions and regulators. Since its launch, FinBlue has supported over 60 startups, driving innovation across digital payments, wealth tech, lending, RegTech, and other emerging financial technologies.
Xchange.pe was selected to be part of FinBlue cohort with the of bridging the gap between traditional banking and technology-driven insights on cross border payments. Throughout the incubation, the company benefited from FinBlue’s technical mentorship, sandbox access, real-time industry feedback, and investor connects, which played a vital role in refining its solutions and enhancing its market readiness.
“FinBlue gave us an ecosystem where we could test, learn, and grow. The exposure to real-world financial institutions and regulatory frameworks helped us fine-tune our product and approach.The support from STPI and FinBlue mentors was invaluable in sharpening our value proposition,” added Mr. Kranthi Reddy, Cofounder.
With a successful incubation from the FinBlue program, WMA via its offering Xchange.pe is now charting its next phase of growth. The company aims to expand its reach across Tier 1 and Tier 2 cities in India, deepen collaborations with Service and Goods Exporters, STPI registered units, Freelancers, CA, CS, Law Firms and other consulting firms.
As part of its future roadmap, the firm is also working on integrating AI and data analytics capabilities into its offerings, and plans to launch a SaaS-based model to deliver scalable, real-time advisory solutions to enterprise clients.
With a sharpened product suite, proven validation, and strategic focus, Xchange.pe is poised to become a key enabler in Indias digital financial transformation.
About STPI
Software Technology Parks of India (STPI) is a premier government organization under MeitY, championing India’s IT and startup ecosystem. Through 24+ domain-specific Centres of Entrepreneurship, including FinBlue, STPI continues to foster innovation in emerging technologies, aligned with national priorities like Digital India, Startup India, and Viksit Bharat 2047.
About FinBlue
FinBlue incubation program is an initiative by the Software Technology Parks of India (STPI), is a Fintech Centre of Enterpreneurship (CoE) launched by STPI to support early-stage FinTech startups.
