Startupbootcamp FinTech Dubai Announces the 11 Cutting-Edge Startups Participating in its Third CohortNews 17 Nov 2020 10:57 am
Dubai, 17th November 2020 - Startupbootcamp Dubai has announced the 11 startups selected for the third cohort of the FinTech accelerator programme. Following two successful cohorts the regions' accelerator powerhouse has welcomed its third cohort for the program in partnership with Dubai International Financial Centre (DIFC), Mashreq Bank and Visa.
Following a three month intense recruitment period whereby more than 550 applications were received from over 50 countries, 11 startups have been confirmed to join Startupbootcamp FinTech Dubai's third cohort. The latest intake features startups from the UAE, UK, USA, Singapore, Hong Kong, Malaysia and Jordan.
Despite the global impact that Covid-19 has had on the startup ecosystem, this year the Startupbootcamp FinTech Dubai program received a record high number of applications, representing a 20% increase in the number of applicants from the previous cohort. Not only that, but the high quality of the applications led to the partners opting to take onboard 11 companies for the programme instead of the typical ten per cohort, making this the largest cohort accepted for the Startupbootcamp FinTech Dubai programme to date.
“The selection process this year was extremely competitive, and the 2% of the companies that are joining the program are all world-class founders with innovative Fintech products looking to grow and benefit from Dubai’s unique position on the international financial playground,” said Mohamad Sabouneh, the Managing Director of Startupbootcamp FinTech Dubai.
The third cohort of the accelerator program launches in November 2020 and will culminate in a Demo Day at the end of February 2021. This time the extensive three-month program will run as a hybrid model, with one founder per team flying to Dubai and the rest of the team joining online for all the masterclasses, exclusive 1:1 mentoring sessions and workshops led by industry experts. “With this cohort, we are aiming to strike a balance between the advantages of a physical program with the flexibility and safety of a virtual one, bringing the best of both worlds to the startups and ensuring that the startups benefit the most from their journey with us.”
Corporate partners continue to represent an integral part of the Startupbootcamp FinTech Dubai accelerator. They play an active role in the program and foster a highly collaborative relationship with the startups throughout the program, which will hopefully culminate in agreeing on a proof of concept between the startups and the partners.
Raja Al Mazrouei, Executive Vice President of DIFC FinTech Hive commented: “The calibre of start-ups in this year’s cohort is outstanding. DIFC FinTech Hive and the wider DIFC community are ready to help them use the programme to advance their solutions and access the Middle East, Africa and South Asia region. DIFC is looking forward to leveraging our established partnership with Startupbootcamp to stimulate FinTech innovation and help startups contribute to the future of finance.”
Subroto Som, Senior Executive Vice President – Group Head of Retail Banking Group, Mashreq Bank, said: “Perhaps more so than ever before, the COVID-19 pandemic has demonstrated the importance of digital innovation in the financial services industry. From the UAE to Europe, Asia and the Americas, fintech is playing a key role and continues to be constantly evolving as new technologies and regulations come to the forefront. The 11 startups that have been chosen for the third cohort run the gamut from InsurTech to financial wellness and stock trading software, showing us yet again that there are many possibilities with these exciting technological developments. At Mashreq, we will continue to play a leading role to encourage and support companies such as these, with the eventual goal of deploying the relevant innovations to improve our operations, and most importantly, the overall experience for our customers.”
Otto Williams, Vice President, Strategic Partnerships, Fintech and Ventures at Visa for Central and Eastern Europe, Middle East and Africa, said: “We are proud of our longstanding association with Startupbootcamp Fintech Dubai and look forward to mentoring this third wave of start-ups joining the FinTech Accelerator as we continue to support the UAE’s growth as a fintech hub.”