As a part of its ongoing dedication to supporting Saudi Arabia’s fintech business, 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’ assets to offer as much as 10 fintech enterprises with the most effective practices, assets, and instruments they should develop and scale their solution-driven companies.
With the launch of the Fintech Accelerator program, Fintech Saudi goals to empower extremely modern entrepreneurs who show large potential inside the native fintech business. This system will provide fintech corporations publicity to traders and supply them with mentorship and training from professionals with an array of ability units. Fintech enterprises will even be given the possibility to boost their pitching expertise and showcase their options at regional and international 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,” stated 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,” stated Ramez El-Serafy, CEO of Flat6Labs.
To participate within the Fintech Accelerator program, the fintech corporations should have developed modern fintech options that show a transparent curiosity within the Saudi market and have the power to remodel the sector. Collaborating fintech corporations must also be registered as personal corporations, have validated enterprise models with current customers, and have generated revenue over the previous three months.
fintech corporations can apply to be part of the Fintech Accelerator program by way of fintechsaudi.com till Oct. 22.
The Kingdom is witnessing the emergence of a thriving fintech ecosystem, with the native fintech business rising at a speedy charge. Between 2017 and 2019, the value of fintech transactions elevated at a charge of over 18 % every year, reaching greater than $20 billion in 2019. The fintech market in Saudi Arabia is predicted to achieve transaction values of over $33 billion by 2023.