Dubai calls for a new wave of international Fintech startups to join the second cohort of the Startupbootcamp FinTech Dubai Accelerator.Community News19 Aug 2019
Dubai, August 19th, 2019 - Applications are now open to join the second cohort of the Startupbootcamp FinTech Dubai Accelerator, supported by the Middle East, Africa and South Asia (MEASA) region’s leading financial hub, Dubai International Financial Centre (DIFC), as well as leading players in the finance and banking sectors like Visa, Mashreq Bank and HSBC.
The accelerator completed its first cohort in April 2019, with ten international and regional Fintech startups landing business development and fundraising opportunities with international market leaders. Startupbootcamp is now recruiting at global scale a new pool of ten promising startups operating in various fields impacting financial services innovation.
Startups applying to the Startupbootcamp FinTech Dubai Accelerator will have the opportunity to join the 3-month acceleration program that will take place in the heart of Dubai’s financial district, in DIFC, from January to April 2020. The program will provide all the tools to take a startup from its initial launch to developing a highly scalable business with substantial revenue growth. Moreover, the selected startups will also have access to Startupbootcamp’s global network of entrepreneurs, investors and corporate partners, free co-working space, €15,000 bonus to cover living expenses and over €300,000 worth of partner deals. Startups interested in joining the accelerator can apply here
Speaking of his experience with Startupbootcamp Dubai Fintech Accelerator, Kevin Kilty, founder of HubPay, one of the ten startups graduated from the first cohort, said: “It was a very diverse mix of businesses. It was great to see the high calibre that we have, how much we grew in the last three months and also how collaborative the whole process has been”
Akram El Youssi, founder of Instaval: “We are very happy to have secured engagement with partners in the region, banks, accelerators and VCs.” Maryna Potemkina, co-founder of UPUP; “It’s very different, dynamic and the business opportunities are very open.”
Lars Buch, CEO of Startupbootcamp MENA, commented on the opening of the application: “Startupbootcamp has developed the world’s largest network of Fintech accelerators and Dubai is among the most interesting hubs at the moment. We notice a sharp upturn in quality of regional startups and forecast a new major leap in building startups with sustainable growth from Dubai. Besides this, the evolution and continuous progress of the industry would not be possible without the outstanding and forward-looking support of companies like DIFC, Visa, Mashreq and HSBC, which are providing startups with an unparalleled level of insights, technology and expertise.“
Khaled Lababidi, Managing Director of Startupbootcamp FinTech Dubai, commented that “Our accelerator is uniquely designed in three phases that take startups from their market-fit validation to building systems and infrastructure with scalable technologies, and lastly, to mastering fundraising techniques and growing their customer base. Startups are supported and coached by our partners and over 80 industry-leading mentors throughout this journey, as well as have the opportunity to meet local and regional angel investors and venture capital firms. Companies who graduated from the Startupbootcamp accelerators, manage to raise on average US$1.3 million in funds to scale their business.”
Peyman Al Awadhi, Head of Marketing & Corporate Communications at DIFC Authority commented, “It’s been a pleasure to see the growth and development of the budding startups selected for the first cohort of the Startupbootcamp FinTech Dubai Accelerator, and we can’t wait to see the innovative ventures that will come our way for 2019 program. The DIFC continues to develop its dynamic FinTech ecosystem to provide entrepreneurs and innovators with everything they need to scale their business – from forward-thinking regulation to access to funding and subsidised licensing. Our accelerator programs are a great way for global startups to experience these benefits first hand.”
Otto Williams, Head of Strategic Partnerships, Fintech and Ventures at Visa for Central and Eastern Europe, Middle East and Africa, said: “We believe that start-ups can thrive and achieve sustainable growth when given the right platform and a collaborative working environment. And mentorship programs like the Startupbootcamp accelerators do just that - they give fintechs the confidence and vigour to create innovative solutions
to address the pain points challenging different sectors of the economy. As part of our partnership with Startupbootcamp, Visa has run mentoring and pitch sessions for these fintechs in our Dubai offices and with our clients. We are proud to continue this association and look forward to mentoring the next wave of start-ups joining the Startupbootcamp FinTech Dubai Accelerator as we continue to support the UAE’s growth as a fintech hub.”
HSBC’s CIO of Middle East, North Africa and Turkey, Ghinwa Baradhi, commented: “HSBC is looking forward to participating in the second cohort of the Startupbootcamp Fintech accelerator programme. We are pleased with the success of the inaugural programme where we have mentored several promising FinTechs and will look to build on that in the next batch. Nurturing young technology firms is an important step in creating an ecosystem of innovation in the region.”
Subroto Som, Executive Vice President – Group Head of Retail Banking Group, Mashreq Bank, commented, “Digital disruption is having a significant impact on the financial services industry and there is a strong realization amongst our peers to evolve and come up with new ideas and solutions to maintain customer relationships and bottom lines. Initiatives such as Startupbootcamp are a great way to stimulate the fintech ecosystem in the region, bringing together financial institutions, local and regional startups on one platform. At Mashreq, we are playing a leading role by supporting and encouraging fintech companies to enhance their business models, with the aim of ultimately deploying new solutions and technologies in the UAE and beyond.”
Over the next two months, the Startupbootcamp FinTech Dubai team will be hosting ‘FastTrack’ events in Dubai and across the Middle East to give startups the chance to present their ideas and to learn more about the program. The Startupbootcamp Fintech Dubai team will visit also other international cities like London, Singapore, New Delhi, Toronto and more, to recruit the best fintech startups.
More information about the Startupbootcamp FinTech Dubai Accelerator can be found at https://www.startupbootcamp.org/accelerator/fintech-dubai/