RIYADH: Fintech Saudi is launching a three-month innovation and entrepreneurship program to support the Kingdom’s fintech industry.
The initiative is in partnership with the regional startup accelerator program and seed investment management company Flat6Labs.
It will combine Fintech Saudi’s market reach with Flat6Labs’ resources, with up to 10 fintechs getting the help they need to develop and scale their business.
The collaboration will offer fintechs exposure to investors and provide them with mentoring and coaching, as well as giving them the chance to enhance their pitching skills and showcase their solutions at regional and global events.
To take part in the accelerator program, fintechs must have developed solutions that display a clear interest in the Saudi market and have the ability to transform the sector. Fintechs should also be registered as private companies, have valid business models with existing users, and have generated income over the past three months.
Fintech Saudi aims to empower innovative local entrepreneurs who display potential.
FASTFACT
The Kingdom’s fintech industry is growing. Between 2017 and 2019, the value of fintech transactions increased at a rate of over 18 percent each year, reaching over $20 billion in 2019. The fintech market in Saudi Arabia is expected to reach transaction values of over $33 billion by 2023.
The accelerator program was an important milestone for Fintech Saudi, according to its director Nejoud Al-Mulaik.
“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. We are therefore delighted to collaborate with Flat6Labs to launch the Fintech Accelerator program that will provide entrepreneurs with the key skills, support and access they need to grow their fintech business in the Kingdom.”
Ramez El-Serafy, Flat6Labs CEO, said that Saudi entrepreneurs would now have the opportunity to create and lead the market in light of the shift toward fintech solutions and cashless financial systems. “Our collaboration with Fintech Saudi will enable us to create the perfect environment to foster fintech companies and accelerate their growth,” he said.
Interested companies can apply to be a part of the program through fintechsaudi.com until Oct. 22. If accepted, fintechs will be matched with subject matter experts to support their growth in Saudi Arabia.
