Egyptian Fintechs Can Benefit from Arab Bank’s AB Accelerator Funding Program
The Arab Bank has announced the launch of its fintech-focused corporate accelerator program “AB Accelerator” in Egypt.
The expansion into Egypt by the Arab Bank is coming 3years after it successfully launched the AB Accelerator in Jordan in 2018.
The program aims to help startups scale their market-ready fintech firms across the Mena region by accelerating the adoption of innovative technologies and solutions within the Arab Bank.
The Arab Bank has noted that the will to encourage and support innovation in the fintech industry and offer banking solutions in line with the increasing demands have resulted in the establishment of this program in Egypt.
Hala Zahran, the lead of the AB Accelerator speaking said: “AB Accelerator is unique in a way that applies a venture client as well as a venture capital model. “AB Accelerator” provides early-stage startups with a banking and commercial collaboration that not only helps them gain credibility and validate their product, but also allows them to instantaneously tap into multiple geographies. As such, the “AB Accelerator” program encompasses the essence of what a strategic investor is”.
“Over the past two years, we have invested in a global portfolio of startups from the US, Europe and in the Mena region, including startups like Seclytics (Cybersecurity), Tabby (Buy Now Pay Later) Hala Insurance (Digital Insurance)” said Hala.
Habiba Helmy, Innovation Lead at Arab Bank, expressed joy over the program as he said that it presents an opportunity for fintech startups in the country.
“We are very excited about this new opportunity to connect with promising fintech startups in Egypt, which has one of the region’s most thriving ecosystems for innovation,”. “Egypt is home for talented and passionate entrepreneurs who we are eager to collaborate with and, eventually, help in expanding their footprint both locally and regionally.
“Not only will startups be able to receive funding of up to $500,000, but they will also be entitled to a host of unique benefits as part of their collaboration with Arab Bank. These benefits include: creating a customized Proof of Concept to test solutions which could potentially lead to a pilot agreement with the bank, as well as instantly accessing customers and markets across Arab Bank’s regional and global network” Helmy said.