Fines for tampering with electricity meter range between SR5000 and SR100000 New amendments made in Electricity Law    Saudi Arabia deports 8,051 illegal residents in a week    Saudi Arabia is among world's top donors with assistance worth SR528 billion    GCC – Japan negotiations make progress in sealing free trade agreement    Inzaghi hails Al Hilal's fearless Club World Cup run    UNRWA calls for urgent fuel delivery to Gaza to prevent shutdown of basic services    Syria rules out foreign borrowing as central bank hails post-Assad recovery    Pakistan army kills 30 militants in cross-border clash near Afghanistan    State of emergency declared in Crete after wildfire devastates Ierapetra    OPEC+ further accelerates oil output hike by 548,000 bpd in August    Football world mourns Diogo Jota and brother André Silva at funeral in Portugal    Al Hilal exit Club World Cup after narrow defeat to Fluminense    Saudi Arabia tops global ICT Development Index for 2025    Hotel occupancy in Saudi Arabia rises to 63% as tourism workforce tops 983,000 in Q1 2025    Alkhorayef Commercial Company partners with XSQUARE Technologies to elevate logistics automation in Saudi Arabia    Portugal and Liverpool FC winger Diogo Jota dies in car accident in Spain    Michael Madsen, actor of 'Kill Bill' and 'Reservoir Dogs' fame, dead at 67    BTS are back: K-pop band confirm new album and tour    Michelin Guide launches in Saudi Arabia with phased rollout in 2025    'How fragile we are': Roskilde Festival tragedy remembered 25 years on    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Startupbootcamp FinTech Dubai second cohort raises $2.8m
Published in The Saudi Gazette on 23 - 04 - 2020

Startupbootcamp FinTech Dubai's second cohort has completed its accelerator program featuring 10 start-ups from the UAE, Singapore, USA, India, Finland, Egypt, Uzbekistan, South Africa, Kazakhstan, and Lebanon — double the number of countries represented from the first cohort, reflecting its global appeal.
The program has proven to be outstanding for partner engagement, generating the highest number of Proof of Concepts (PoCs) ever, increasing from nine PoCs in 2019 to more than 40 this year.
About 90 per cent of the start-ups are currently scaling their solutions in the UAE from Dubai within various sectors such as digital lending, banking, payments and credit decisioning, thanks to Dubai International Financial Centre (DIFC), VISA, Mashreq & HSBC.
The Startupbootcamp FinTech Dubai accelerator program launched its first cohort in 2018. Over the last three years, FinTech has become a rapidly growing focus, supporting Dubai's position as the leading global financial hub in the Middle East, African and South Asia region.
To reflect the importance of fostering FinTech development in the DIFC, Startupbootcamp, together with its partners facilitate an intensive three-month growth program located in FinTech Hive at DIFC to support the business growth of start-ups and prepare them for operations and future scaling.
Start-ups also benefit from mentorship and easy access to comprehensive resources, insights, technology and world-leading expertise.
From a pool of more than 450 international applicants, up more than 50 percent from the previous year, the 10 successful start-ups in Startupbootcamp FinTech's second cohort underwent a three-month accelerator program from January to April 2020 in the heart of the leading financial hub in the Middle East, Africa and South Asia (MEASA) region DIFC.
During the program, the startups participated in 150+ hours of mentoring, 120+ meetings and investor connections along with receiving 30+ hours of pitch practice.
Arif Amiri, chief executive officer, DIFC Authority, said: "Despite the unprecedented pandemic challenges facing the global community, we have remained steadfast in our commitment to developing fresh and innovative FinTech start-ups in the DIFC through our strategic partnership with Startupbootcamp.
"The second cohort's achievements reflect our unrivalled focus on driving the future of finance, providing the ideal growth platform for entrepreneurs, start-ups, and venture capital firms to unlock opportunities to scale up in the region.
"Through our unique best-in-class infrastructure and extensive expertise available throughout our international community of some of the world's leading financial institutions and start-up firms, there truly is an unmatched opportunity for ambitious start-ups to gain access to capital and elevate their businesses to the next level."
Lars Buch, CEO of Startupbootcamp MENA, commented on the opening of the application: "Startupbootcamp has developed the world's largest network of Fintech accelerators and Dubai is among the most interesting hubs at present. We notice a sharp upturn in quality of regional startups and forecast a new major leap in building startups with sustainable growth from Dubai.
"Besides this, the evolution and continuous progress of the industry would not be possible without the outstanding support of companies like DIFC, Visa, Mashreq and HSBC, that provide startups with unparalleled levels of insight, technology and expertise."
Speaking of his experience with Startupbootcamp Dubai Fintech Accelerator, Sujoy, co-founder of Datacltr, said: "From connections to founders, mentors, investors to invaluable advice from the partners, the experience has been full of focus and learning. We formed very strong bonds with other founders who were part of the cohort, I know I have friends around the world who I can reach out to anytime."
Startupbootcamp adopted a quick response to the current COVID-19 global pandemic by taking their second cohort investor day online. Investors were able to watch the start-ups' pitches, go through their pitch decks and book virtual meetings with them.
Waleed, founder of Fawaterak said: "One of the best things I saw in SBC was that the whole team is doing their best to help each and every one of the startups. They act as our partners working hard for our success."
Nabil, founder of CueTraders said: "The program has been valuable as it helped us shape our value proposition to fit the market and our customers. Through it, we have developed valuable connections with the investment community and startup ecosystem."
Carsten Koelbek, co-founder of Startupbootcamp, highlights, "To date we have invested in and accelerated more than 200 FinTech and InsurTech startups globally." — SG


Clic here to read the story from its source.