Fintech Saudi collaborates with Wa’ed and Flat6Labs for the 2022 Fintech Accelerator Program
Fintech Saudi, in collaboration with Wa’ed, the entrepreneurial arm of Saudi Aramco, and regional seed and early-stage venture capital firm, Flat6Labs, will launch a 12-week Fintech accelerator to accelerate the growth and development of promising Saudi fintech companies. The hybrid event, scheduled for late February, will host a cohort of 12 qualified startups for a series of workshops and training seminars. The program will include a regulatory track and a business track operating simultaneously.
Each submission will undergo a rigorous evaluation before being selected to continue in the accelerator which will see Wa’ed select three startups to integrate into its incubation program, each receiving a grant of SAR 50,000.
Wa’ed will offer startup workshops including presentations and growth hacking, best practices, as well as coaching and mentoring sessions. The program will end with a demo day where fintech startups will pitch to potential investors.
Fintech has become one of the most active startup sectors in Saudi Arabia, growing steadily in recent years to meet growing demand for innovative financial technology solutions.
“We are pleased with Wa’ed’s strategic partnership in the Fintech Accelerator, and together we will ensure that there is continued support for participants far beyond the program,” said Nezar AlHaidar, Head of the accelerator at Fintech Saudi. “We look forward to providing guidance and support to startups in their business development and helping them navigate the regulatory landscape.”
All qualified startups will be subject to a background check and must have a minimum viable product, a tech-savvy founder, and at least one dedicated full-time team member.
After completion of the Fintech Accelerator, participating startups can continue to benefit from support services through regulator meetings with the Accelerator team. The program will include engagement with the Central Bank of Saudi Arabia and the Capital Market Authority.