Tue, Aug 24, 2021
AB Accelerator is on the lookout for early-stage startups fintechs as well as startups specialising in other related tech verticals.
Following the success of a similar Jordan-based accelerator in 2018, the Arab Bank has announced that it is set to debut a fintech accelerator in Egypt.
The AB Accelerator comes as part of Arab Bank’s effort to support the acceleration and adoption of emerging tech and solutions both internally and in the outer ecosystem by supporting entrepreneurs to scale market-ready startups.
The Egypt-based accelerator will look to invest in early-stage startups specialising in fintech and other related tech verticals such as artificial intelligence and cybersecurity, while startups that align with the Arab Bank’s own goals will find favour.
Set to be headed by Hala Zahran, the programme is unique in that it applies a venture client and 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,” Zahran said. “As such, the AB Accelerator programme encompasses the essence of what a strategic investor is.
In the last two years, AB Accelerator has invested in a varied portfolio of fintech startups, including cybersecurity specialist, Seclytics; buy-now-pay-later startup, Tabby; and digital insurance platform, Hala Insurance. For Habiba Helmy, Innovation Lead at Arab Bank Egypt, the accelerator offers an opportunity to add more fintech innovators to that portfolio.
“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,” she said. “Egypt is home to talented and passionate entrepreneurs who we are eager to collaborate with and, eventually, help in expanding their footprint both locally and regionally.”
Helmy also revealed that startups have the opportunity to raise up to $500K in funding and gain benefits including creating a customised Proof of Concept with a view to potentially establishing a pilot agreement with the bank, which in turn would give access to customers and markets across Arab Bank’s regional and global network.
You can apply to AB Accelerator here.