As 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 supply as a lot as 10 fintech enterprises with the best practices, belongings, and devices they need to develop and scale their solution-driven corporations.
With the launch of the Fintech Accelerator program, Fintech Saudi objectives to empower extraordinarily trendy entrepreneurs who present giant potential contained in the native fintech enterprise. This method will present fintech companies publicity to merchants and provide them with mentorship and coaching from professionals with an array of means items. Fintech enterprises will even be given the chance to spice up their pitching experience and showcase their choices at regional and worldwide events.
“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 take part throughout the Fintech Accelerator program, the fintech companies ought to have developed trendy fintech choices that present a clear curiosity throughout the Saudi market and have the ability to rework the sector. Collaborating fintech companies should even be registered as private companies, have validated enterprise models with present clients, and have generated income over the earlier three months.
fintech companies can apply to be a part of the Fintech Accelerator program by the use of fintechsaudi.com until Oct. 22.
The Kingdom is witnessing the emergence of a thriving fintech ecosystem, with the native fintech enterprise rising at a speedy cost. Between 2017 and 2019, the value of fintech transactions elevated at a cost of over 18 % yearly, reaching higher than $20 billion in 2019. The fintech market in Saudi Arabia is predicted to realize transaction values of over $33 billion by 2023.