As a part of its ongoing dedication to supporting Saudi Arabia’s fintech enterprise, Fintech Saudi has launched the Fintech Accelerator, a singular innovation and entrepreneurship program. Powered by Flat6Labs, this intensive 3-month program brings collectively Fintech Saudi’s market attain and Flat6Labs’ belongings to produce as quite a bit as 10 fintech enterprises with the perfect practices, belongings, and units they should develop and scale their solution-driven companies.
With the launch of the Fintech Accelerator program, Fintech Saudi goals to empower terribly stylish entrepreneurs who current large potential contained within the native fintech enterprise. This technique will current fintech corporations publicity to retailers and supply them with mentorship and training from professionals with an array of means objects. Fintech enterprises will even be given the prospect to boost their pitching expertise and showcase their decisions at regional and worldwide occasions.
“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. 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,” acknowledged Nejoud Al-Mulaik, director of Fintech Saudi.
“We’re very excited to be launching the Fintech Accelerator program with Fintech Saudi. With the huge shift in market trends toward fintech solutions and cashless financial systems, we can clearly see the opportunity for Saudi entrepreneurs to innovate, create, and lead the market toward innovative and unexplored solutions. Our collaboration with Fintech Saudi will enable us to create the perfect environment to foster fintech companies and accelerate their growth,” acknowledged Ramez El-Serafy, CEO of Flat6Labs.
To participate all through the Fintech Accelerator program, the fintech corporations must have developed stylish fintech decisions that current a transparent curiosity all through the Saudi market and have the flexibility to transform the sector. Collaborating fintech corporations ought to even be registered as non-public corporations, have validated enterprise models with current shoppers, and have generated revenue over the sooner three months.
fintech corporations can apply to be part of the Fintech Accelerator program by means of fintechsaudi.com till Oct. 22.
The Kingdom is witnessing the emergence of a thriving fintech ecosystem, with the native fintech enterprise rising at a speedy value. Between 2017 and 2019, the value of fintech transactions elevated at a price of over 18 % yearly, reaching greater than $20 billion in 2019. The fintech market in Saudi Arabia is predicted to understand transaction values of over $33 billion by 2023.