The third edition of Startupbootcamp Fintech Dubai’s accelerator program has now concluded.
During the Demo Day, there were 11 startups that pitched their ideas to potential investors, corporate partners, industry experts, mentors, and the general public.
Startupbootcamp Fintech Dubai was introduced in 2018 through a partnership with Dubai International Financial Centre (DIFC), payments giant Visa, Mashreq bank and HSBC. The initiative has seen over 30 Fintechs graduate from its training programs since its inception. These companies are mainly focused on payments, digital lending and Islamic or Sharia-compliant virtual banking services.
The 11 startups that managed to graduate from the boot camp were offered mentorship and easy access to valuable resources, key industry insights, technology and expertise during the 3 months of the training program. The assistance these companies received allowed them to refine their proof-of-concepts or POCs which helped validate and implement their business models.
These Dubai startups are mostly seed stage initiatives, which acquired anywhere between $250,000 and $1.8 million in capital. The boot camp program has encouraged strategic partnerships between corporates and these startups. The program also helps these early-stage firms with establishing working relationships with corporates.
Business ideas pitched during Demo Day included a financial wellness solution for Gen Zs and an insurance-as-a-service platform that lets people buy insurance packages within seconds.
Mohamad Sabouneh, the MD at Startupbootcamp Fintech Dubai, stated:
“Over the past 12 weeks the startups have perfected their business models, implemented new go-to-market strategies, streamlined the operations, among many other growth areas. I’m confident in their continued success and we, at Startupbootcamp FinTech Dubai, are very excited for the journey ahead for this cohort.”
The 11 startups are:
Absolute Collateral (UK): a trading platform developed for financial institutions.
Aura Technologies (UAE): an enabler for non-insurance firms to provide coverage to their clients.
Compliance as a Service (UK): a Regtech company offering compliance management solutions to Fintech challengers.
Finllect (UAE): a financial wellness solution for Gen Zs to establish credit, automate finances, and prequalify for certain financial products.
Flaist (US): a digital toolkit including APIs and SDKs for improving banks and digital institution’s online experience.
Kilde (Singapore): a private debt investment platform raising funds for online lenders from investors.
Open CBS (Hong Kong): a Cloud-powered core banking solution for financial services providers
Raseed (US): an investment platform for GCC based Millennials to acquire shares from US stock markets.
Singular Capital (Malaysia): an investment management app that aims to help users earn greater returns.
Stornest (UAE): a digital legacy planning tool for sharing information with your friends or family that you would prefer to keep private while you are still alive.
Tajjir (Jordan): an online trading app that allows stock brokers to increase trade volume
Raja Al Mazrouei, EVP of Fintech Hive at DIFC, remarked:
“Startupbootcamp Fintech Dubai’s program has attracted hugely ambitious and innovative Fintech startups from around the globe since launching in 2018. Congratulations to the 11 participating start-ups graduating from the current cohort who join over 100 like-minded businesses who have been through one of the three programs we currently offer through DIFC Fintech Hive. They all have the potential to help us shape the future of finance in the MENA region.”