Arab Bank has launched its fintech-focused corporate accelerator program “AB Accelerator” in Egypt, following its successful launch in Jordan back in 2018.
The launch of this program in Egypt comes as part of the bank’s strategic efforts to foster and support innovation in the fintech sector towards offering responsive and agile banking solutions. This is in line with the evolving needs and expectations of clients across different segments.
The “AB Accelerator” program aims to accelerate the adoption of emerging technologies and solutions within Arab Bank, and support entrepreneurs with the opportunity to scale their market ready fintech startups across the MENA region. Driven by this objective, the “AB Accelerator” program works to integrate into Egypt’s startup scene through investing in early-stage startups specialized in fintech as well as other related technology verticals, such as cybersecurity and artificial intelligence (AI), with a focus on startups that demonstrate strategic alignment with Arab Bank.
“AB Accelerator is unique in a way that applies a venture client as well as a 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. As such, “AB Accelerator” program encompasses the essence of what a strategic investor is.” Hala Zahran, Lead of AB Accelerator said.
“Over the past two years, we have invested in a global portfolio of startups from the US, Europe and in the MENA region, including startups like Seclytics (Cybersecurity), Tabby (Buy Now Pay Later) Hala Insurance (Digital Insurance).” Zahran added.
Commenting on the launch, Habiba Helmy, Innovation Lead at Arab Bank Egypt said “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. Egypt is home for talented and passionate entrepreneurs who we are eager to collaborate with and, eventually, help in expanding their footprint both locally and regionally. Not only will startups be able to receive funding of up to $500,000, but they will also be entitled to a host of unique benefits as part of their collaboration with Arab Bank. These benefits include: creating a customized Proof of Concept to test solutions which could potentially lead to a pilot agreement with the bank, as well as instantly accessing customers and markets across Arab Bank’s regional and global network.”
Egyptian entrepreneurs who wish to join Arab Bank’s “AB Accelerator” portfolio of companies may apply online here or send an email to: hello@abaccelerator.co which were launched specifically to receive inquiries and application forms.
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