Bahrain launches the region’s first fintech venture studio, HP Spring Studios – My Startup World

Al Waha Fund of Funds, managed by the Bahrain Development Bank, and international investment firm Hambro Perks have announced the launch of HP Spring Studios, the MENA region’s first fintech venture studio. HP Spring Studios, which will be based out of its new headquarters in Manama, Bahrain, represents a significant boost to MENA’s fintech and startup ecosystem.

Areije Al Shakar, Director and Head of Funds at Al Waha, commented “We are proud to be part of this initiative which will prove to be a valuable resource for both local entrepreneurs and communities who will benefit from emerging fintech solutions in Bahrain . Al Waha was founded to help startups overcome challenges around access to finance. HP Spring Studios will significantly improve the region’s fintech ecosystem, not only empowering startups but also helping to improve the way people save, send, lend, manage and invests their money in.

She added “We are excited about the future of fintech startups in the MENA region and look forward to working together with our partners and extensive network to support the next generation of tech entrepreneurs in their journeys.”

The studio will both co-found and invest directly in next-generation fintech startups with exceptional entrepreneurs. An internal team that covers the entire capacity spectrum across product, engineering and operations will help to accelerate start-up towards product/market fit. Startups will work closely with Al Waha & Hambro Perks’ local and global network of private and public institutions, including National Bank of Bahrain, Mumtalakat and Batelco, to drive customer acquisition and secure future funding rounds to close.

HP Spring Studios is strategically located in Bahrain, where startups will benefit from a fintech-friendly regulatory environment and close relationships with the Bahrain Central Bank and the Bahrain Economic Development Board, to enable rapid market launch. Bahrain will also serve as an ideal location to serve the rest of the MENA region.

The studio aims to create new highly qualified jobs in Bahrain for both local and international talent, both in the core team and in the startups it helps launch. HP Spring Studios will not only focus on attracting highly qualified international talent, but also on training local talent through upskilling, internships and educational initiatives in collaboration with local institutions.

Dominic Perks, CEO of Hambro Perks

Dominic Perks, CEO of Hambro Perks, commented “The opportunity for entrepreneurs to develop fintech solutions to help meet the MENA region’s challenges has never been more compelling. To date, high barriers to entry have limited the potential for innovation. HP Spring Studios exist to solve the problems experienced by entrepreneurs in the region.When portfolio startups are ready to scale, the studio and Hambro Perks will bring in trusted global co-investors to the Bahrain-based operating companies, not only creating more jobs but also facilitating for capital injection and attracting additional talent and investors to Bahrain.”

With the launch of the new studio, Hambro Perks will be an active member of Bahrain’s fintech ecosystem, investing, developing talent, participating in events and promoting Bahrain as an investment destination.

The fintech ecosystem in the Middle East is developing rapidly and the market has witnessed an influx of startups and funding support in the sector in recent months. The number of fintech companies is expected to reach 465 in the region this year, up from 30 in 2017.