As part of its ongoing commitment to supporting Saudi Arabia’s fintech industry, Fintech Saudi has launched the Fintech Accelerator, a unique innovation and entrepreneurship program. Powered by Flat6Labs, this intensive 3-month program brings together Fintech Saudi’s market reach and Flat6Labs’ resources to provide up to 10 fintech enterprises with the best practices, resources, and tools they need to develop and scale their solution-driven businesses.
With the launch of the Fintech Accelerator program, Fintech Saudi aims to empower highly innovative entrepreneurs who display massive potential within the local fintech industry. The program will offer fintech companies exposure to investors and provide them with mentorship and coaching from professionals with an array of skill sets. Fintech enterprises will also be given the chance to enhance their pitching skills and showcase their solutions at regional and global events.
“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,” said Nejoud Al-Mulaik, director of Fintech Saudi.
“We’re very excited to be launching the Fintech Accelerator program with Fintech Saudi. With the huge shift in market trends toward fintech solutions and cashless financial systems, we can clearly see the opportunity for Saudi entrepreneurs to innovate, create, and lead the market toward innovative and unexplored solutions. Our collaboration with Fintech Saudi will enable us to create the perfect environment to foster fintech companies and accelerate their growth,” said Ramez El-Serafy, CEO of Flat6Labs.
To take part in the Fintech Accelerator program, the fintech companies must have developed innovative fintech solutions that display a clear interest in the Saudi market and have the ability to transform the sector. Participating fintech companies should also be registered as private companies, have validated business models with existing users, and have generated income over the past three months.
Interested fintech companies can apply to be a part of the Fintech Accelerator program through fintechsaudi.com until Oct. 22.
The Kingdom is witnessing the emergence of a thriving fintech ecosystem, with the local fintech industry growing at a rapid rate. Between 2017 and 2019, the value of fintech transactions increased at a rate of over 18 percent each year, reaching more than $20 billion in 2019. The fintech market in Saudi Arabia is expected to reach transaction values of over $33 billion by 2023.