Saudi Arabia unveils Fintech Accelerator to transform the sector

By Backend Office, Desk Reporter
Fintech Saudi
Representational Image

Saudi Arabia’s marquee initiative to support financial technology firms in the Kingdom, Fintech Saudi has collaborated with regional startup accelerator Flat6Labs to launch a unique innovation and entrepreneurship initiative called Fintech Accelerator. 

The 3-month program will utilize Fintech Saudi’s market reach and Flat6Labs’ resources to empower as much as ten fintech enterprises with resources, best practices and tools required to develop and scale their solutions.

The program will provide investor exposure to innovative entrepreneurs with greater potential within the Saudi fintech industry and will support them with mentorship and coaching from professionals. It will also aid the entrepreneurs to improve their pitching skills enabling them to reach high-profile investors in regional and international events.

Nejoud Al-Mulaik
Nejoud Al-Mulaik
Director
Fintech Saudi

“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.”

Who qualifies?

Firms who are interested to participate in the initiative need to satisfy the following criteria;

  • Have to be registered as a Private Organization/Company.
  • Should have an already working business model with existing customers.
  • Must have generated income over the last three months.
  • Solutions developed by the firm must have a clear interest in the Saudi market with the ability to transform the sector.

Applications from the qualified fintech firms can be carried out through the Fintech Saudi website until October 22.

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