Flat6Labs, the MENA’s leading seed-stage program and early-stage venture capital firm, and Wio Bank, the region’s first platform bank, have signed a Memorandum of Understanding (MoU) to streamline and enhance SME-centric banking services for startups in Abu Dhabi.
Under the agreement, startups from Flat6Labs Ignite, a specialized seed program run by Flat6Labs in partnership with DisruptAD, will have the opportunity to take advantage of Wio’s innovative banking products and services under Wio Business, the bank’s first digital banking application that is designed to provide a seamless and innovative experience tailored to the specific needs of startups and SMEs.
According to the statement, “Under its flagship seed program, Ignite, Flat6Labs is set to support up to 60 startups in Abu Dhabi by 2024, with 27 disruptive organizations already having successfully invested in the 3 cycles that have already concluded.”
Ryaan Sharif General Manager Flat6Labs UAE
“There is potentially no other factor that more heavily decides the fate of a startup than its ability to effectively manage its finances. These organizations need banking partners that have a start-up ethos — centered around agility, flexibility, and innovation. Our long-standing expertise in empowering startups to establish themselves in the UAE and raise the funding they need to fuel their ambitions aligns perfectly with Wio Bank’s vision of not only providing world-class banking services but serving as a holistic banking management platform for the modern SME.”
By partnering with Wio Bank, Flat6Labs has ensured that startups selected for this program will now enjoy Wio Business’ prioritized processing of account opening applications, as well as around-the-clock access to dedicated support services.
Under the agreement, Wio Bank will make these professionals available as subject-matter experts and mentors to Ignite program start-ups, thereby further strengthening the value proposition of the program.
Mr. Prateek Vahie, Chief Commercial Officer of Wio Bank, said that, “As we develop our offerings tailored to the SME sector, we will benefit from the insights and expertise of other major players in the ecosystem, such as Flat6Labs.”
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