Fintech Saudi is launching a three month accelerator programme to support the fintech industry in the Kingdom of Saudi Arabia, media reports said. The innovation and entrepreneurship programme is being launched in partnership with seed investment management company Flat6Labs.
Through the programme, Fintech Saudi aims to empower highly innovative entrepreneurs who display massive potential within the local fintech industry. It is reported that around 10 fintech startups will be selected for the programme.
Besides exposure to investors, the programme will also provide them with mentoring and give them a chance to enhance their pitching skills and showcase their solutions at global events.
Nejoud Al Mulaik, director of Fintech Saudi told the media, “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.”
Startups must have a business model with users and recorded income in the last three months to quality for the programme. They also need to be a private company and must showcase their capabilities in transforming Saudi fintech industry.
Ramez El Serafy, chief executive at Flat6Labs, said that their collaboration with Fintech Saudi will help to foster fintech companies and accelerate their growth.