Riyadh, Saudi Arabia: Fintech Saudi concluded its intensive 3-month Fintech Accelerator Program, which was powered by Flat6Labs, with a Demo Day on Wednesday. For the last three months, ten fintechs have been refining their product strategy and developing their business models, and the Demo Day gave them the opportunity to pitch their products to potential investors, the media, and the wider business community.
The Fintech Accelerator Demo Day was held via lifestream. Throughout the program, the ten companies (Wethaq, Faloos, Buthoor, Rasmal, Tammwel, UPayments, Crayon Data, Sahala, Themar, Mal’aa Finance), displayed resilience, vision, and unlimited potential, and their pitches on Wednesday showcased their impressive outcomes.
Ziad Al Yousef, Deputy Governor For Development and Technology, opened the Demo Day. “We will continue to support young entrepreneurs to achieve their full potential by continuing to provide them with opportunities to grow. This will help us to transform the Kingdom into an innovative fintech hub that contributes to the goals of Vision 2030 and supports the Kingdom to remain as a leading hub in the financial services sector,” said Alyousef.
“In line with the objectives of Financial Sector Development Program and Vision 2030, Fintech Saudi launched Fintech Accelerator which aims to support innovative solutions in financial services. We are pleased to have completed the first cohort of the Fintech Accelerator which includes 10 exciting fintech companies who are driving financial inclusion and using data, innovative technology and disruptive businesses models to provide individuals and companies with a better experience,” said Nejoud Almulaik, Director of Fintech Saudi.
“As the Fintech Accelerator comes to fruition, we are pleased to have worked alongside Fintech Saudi to create a truly bespoke and impactful accelerator program,” said Ramez El-Serafy, CEO at Flat6Labs. “The program was successful in empowering, supporting and enabling innovative entrepreneurs to take bigger strides in the development of their Fintech startups in a very short period of time.”
The Fintech Accelerator program was launched in Saudi Arabia with a plan to inspire entrepreneurs to venture into and grow the Fintech industry in the Kingdom. With the Fintech Accelerator program, Fintech Saudi hopes to contribute to its goal of fulfilling Saudi’s Vision 2030 by transforming Saudi Arabia into an innovative fintech hub with a thriving and responsible fintech ecosystem.