Flat6Labs, a Cairo-based regional startup accelerator, has announced the launch of a FinTech Accelerator to support entrepreneurs and startups with solutions in that sector.
Claimed to be the first local financial technology focused startup accelerator program of its kind in Egypt, the 1864 Accelerator seeks to foster the (FinTech) innovation space in Egypt through enabling entrepreneurs to transform their disruptive ideas into commercially viable solutions.
The 1864 Accelerator will run for 14 weeks and will commence with about 10 startups. These startups will be selected after an application process which includes an interview and a five days bootcamp.
The 10 selected startups will receive mentorship, coaching, training, industry and legal support, office space, and perks and services of up to US$300k.
Also, the startups will pitch on a weekly basis to members and partners of the local and regional entrepreneurial ecosystem, and will receive up to E£150,000 in seed funding in exchange for 10-15% equity.
The accelerator will end in a Demo Day, where the startups will pitch to accredited VCs, angels, investors, entrepreneurs, mentors, partners, and the media.
Startups across Africa with FinTech solutions – payments, digital banking solutions, banking relationships, machine learning et al – can apply for the accelerator. Applications are open for the next two months.
“We look forward to receiving creative ideas in all the areas of the fintech sector but we will certainly adopt the ideas that serve the banking sector, especially because we desperately need innovations that support us in providing services to our customers and bring in more of them,” said Soha El-Turky, Barclays business development director.
The 1864 Accelerator was launched in partnership with Barclays Bank Egypt, which started operating in the country in 1864.