Fintech Saudi, Flat6Labs Launch Accelerator Program

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Fintech Saudi and Flat6Labs have launched the Fintech Accelerator, a unique innovation and entrepreneurship program.

Fintech Saudi is an initiative launched by the Saudi Arabian Monetary Authority (SAMA) to act as a catalyst for the development of the financial services technology.

This intensive 3-month Fintech Accelerator program brings together Fintech Saudi’s market reach and Flat6Labs’ resources to provide up to 10 local fintech enterprises with the best practices, resources, and tools they need to develop and scale their solution-driven businesses. Interested fintech companies can apply to be a part of the program through fintechsaudi.com until October 22.

Participation is open only to private fintech companies that have validated business models with existing users, and have generated income over the past three months. The firms must have developed innovative fintech solutions that display a clear interest in the Saudi market and have the ability to transform the sector to take part in the program.

Under the program, the fintech companies will benefit by receiving mentorship and coaching from professionals with an array of skill sets. The program will offer fintech companies exposure to investors and 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.