5 MENA FinTech Accelerators to Know About

FinTech, more than many other sectors, is particularly receptive to input from startup accelerator programs.

Because the vast majority of FinTech startups these days launch digital products, their research and development needs are light compared to companies developing physical products.

Moreover, the global FinTech ecosystem has evolved to prioritize rapid scalability. With the right partnerships and infrastructure, startups that once might have taken years to develop an idea into a market-ready product can now do so in just months.

The Middle East and North Africa (MENA) is home to several world-leading startup accelerators, including many specifically focused on supporting the FinTech sector. With many of MENA’s most successful FinTechs having graduated from one of these schemes, PYMNTS takes a look at five of the most prevalent players in the region’s FinTech acceleration venture.

Hub71

No list of the best MENA FinTech accelerators would be complete without mentioning Hub71.

Dubbing itself “Abu Dhabi’s global tech ecosystem”, Hub71 is not exclusive to FinTechs. But a look through the list of startups that have passed through their halls reveals some of the region’s most exciting FinTechs among its alumni.

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From the open banking platform Tarabut Gateway to innovative payment solutions such as DoPay and Pyypl, the companies graduating from Hub71’s three accelerator programs are contributing to the thriving FinTech ecosystem not only in the UAE, but across the MENA region.

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DIFC FinTech Hive

Proving that Abu Dhabi is not the UAE’s only FinTech hub, the DIFC FinTech Hive, located in the Dubai International Finance Center (DIFC), is at the forefront of FinTech innovation globally, attracting startups from around the world.

In addition to an annual FinTech accelerator programme, the DIFC FinTech Hive organizes specialist initiatives, including the AccelerateHer mentoring program for women working in the sector.

The accelerator announced this month a partnership with state-owned bank Emirates NDB, which has invited metaverse startups to join an initiative exploring the opportunities virtual environments bring to the banking sector.

Read more: EU, MENA FIs Embrace, Bank on the Metaverse

FinTech Accelerator by FinTech Saudi

Launched by the Saudi Arabian Central Bank in partnership with the Capital Market Authority in 2018, FinTech Saudi is intended to act as a catalyst for the development of the FinTech industry in the Kingdom of Saudi Arabia (KSA).

Alongside education and investment initiatives, FinTech Saudi runs a program to help companies accelerate their growth through support services, workshops, coaching and mentorship.

Leveraging the active engagement of Saudi Arabia’s financial regulators, the FinTech Saudi accelerator appears to have proven particularly useful for businesses navigating the regulatory environment in the country.

The government-backed accelerator program will also be crucial for KSA to achieve the goals outlined in the Ministry of Finance’s financial technology strategy implementation plan launched in June, one of which will require increasing the number of fintech companies operating in the country from 82 to 230 by 2025.

See more: How experimentation drives innovation in KSA

OTF Wadi

Oman Technology Fund (OTF) is a government-backed venture capital investment vehicle designed to support the country’s technology ecosystem.

On its website, OTF states that the aim is to put Oman “firmly on the map of knowledge leaders in the Middle East. OTF will effectively work to attract this type of promising projects to start their operations in Oman to strengthen the knowledge-based economy and to develop the ICT sector in general.”

Read more: Still in its infancy, the Oman FinTech Hub shows great potential for growth

OTF divides the investment activities into three stages. These include a three-month, pre-seed program OTF Techween and OTF Wadi Accelerator, which support cohorts of 10 startups at a time to grow and scale with investments of up to $100,000 as well as providing training and mentorship.

For more developed businesses, OTF Jasoor Ventures invests up to $3 million in technology companies with a solid business model.

Flat6Labs

Multi-pronged entrepreneurship initiative and pan-MENA project Flat6Labs focuses on supporting seed-stage startups through its various funds and accelerators, including Jordan Seed Fund, Lebanon Seed Fund and Tunisia-based Anava Seed Fund.

Although the focus is not only on FinTech, the accelerator programs Flat6Labs organizes across its locations in Cairo, Jeddah, Abu Dhabi, Beirut, Tunis, Bahrain and Amman have been key in attracting foreign investment to MENA’s FinTech ecosystem from partners such as International Finance Company.

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