Fintech Saudi collaborates with Wa’ed and Flat6Labs for 2022 Fintech Accelerator Program

10x Industry

Mita Srinivasan
10x Industry
Published:

Fintech Saudi collaborates with Wa’ed and Flat6Labs for 2022 Fintech Accelerator Program

The 12-week Fintech Accelerator will be a hybrid event in Riyadh towards the end of February, to select 12 qualified startups for a series of workshops and training seminars to boost the Fintech startup scene in Saudi Arabia

Fintech Saudi in collaboration with Wa’ed, the entrepreneurship arm of Saudi Aramco, and regional seed and early-stage venture capital firm, Flat6Labs, will launch a 12-week Fintech Accelerator to expedite the growth and development of promising Saudi fintech companies. The hybrid event, which is scheduled for the end of February will host a cohort of 12 qualified startups for a series of workshops and training seminars. The program will include a Regulation Track and a Business Track running simultaneously.

Each submission will undergo a vigorous assessment before being selected to proceed in the accelerator which will see Wa’ed select three startups to onboard into its incubation program, each receiving a SAR 50,000 grant.

Wa’ed will deliver startup workshops, including pitching and growth hacking, best practices, as well as coaching and mentorship sessions. The program will culminate with a demo day in which the fintech startups will pitch to potential investors.

Fintech has become one of the more active startup sectors in Saudi Arabia, growing steadily in recent years to meet the rising demand for innovative financial technology solutions.

“We are pleased with Wa’ed’s strategic partnership in the Fintech Accelerator, and together we will ensure there is continued support for the participants well beyond the program,” said Nezar AlHaidar, the Accelerator Manager at Fintech Saudi. “We are looking forward to providing guidance and support to the startups in their business development and helping them navigate the regulatory landscape.”

All qualified startups will be subject to a background check and are required to have a minimum viable product, a tech-experienced founder, and at least one dedicated full time team member.

Following completion of the Fintech Accelerator, the participating startups can continue to avail support services through regulator meetings with the accelerator team. The program will include engagement with the Saudi Central Bank and the Capital Market Authority.