Saturday, October 1, 2022

Fintech Saudi partners up with Flat6Labs to launch accelerator

Fintech Saudi in partnership with Flat6Labs, a regional startup accelerator, are launching a Fintech accelerator that consists of an intensive innovation and entrepreneurship program spanning 3 months. 

The partnership brings together Fintech Saudi’s market reach as well as Flat6Labs’ experience and resources to provide 10 startups with all the tools, practices, and resources to scale up their business models. 

“The Fintech accelerator is an important milestone for Fintech Saudi. Over the last year we have seen a threefold increase in the number of fintech companies operating in Saudi Arabia and we want this trend to continue and contribute to the goals of Saudi Vision 2030,” Nejoud Al Mulaik, Director of Fintech Saudi, was quoted as saying. 

Al Mulaik added that they “are therefore delighted to collaborate with Flat6Labs to launch the Fintech accelerator programme that will provide entrepreneurs with the key skills, support and access they need to grow their fintech business in the Kingdom.” 

Fintech Saudi was launched by the Saudi Arabian Monetary Authority in partnership with the Capital Market Authority in April 2018, to act as a catalyst for the development of the financial services technology (fintech) industry in Saudi Arabia. 

The initiative aims to transform Saudi Arabia into an innovative fintech hub with a thriving and responsible ecosystem.

This comes at a time where Fintech Saudi attempts to bolster their local industry, as the kingdom doubles down on empowering their startup sector to push their economy forward. 

According to an annual report by Saudi Fintech, the kingdom has witnessed an increase in the value of fintech at a rate of 18 percent, reaching over USD 20 billion in 2019. 

“The fintech market in Saudi Arabia is expected to reach transaction values of over USD 33 billion by 2023,” the report added. 

The program offers a wide array of assistance to the selected startups in the form of investor exposure, coaching and mentorship from a myriad of renowned professionals across the board. 

In addition, the accelerator will provide pitching training to aid them in showcasing their solutions on regional and global stages. 

Startups who wish to enter the program must have developed solutions that can fill the gap in the Saudi market, with an aim to disrupt the sector. 

In parallel, participating startups must be registered as private companies, while having validated business models with existing users, and have already begun generating income over the past three months. The application deadline is on the 22nd of October 2020. For more info, visit Fintech Saudi’s website