Saudi Aramco’s entrepreneurship will function with Flat6Labs and Fintech Saudi to benefit Saudi Arabia’s Fintech ecosystem.
Wa’ed, the entrepreneurship wing of Saudi Aramco, will collaborate with venture capital firm Flat6Labs and Fintech Saudi in the launch of an accelerator program to boost the growth of Fintech companies in the kingdom. A wholly-owned venture of Aramco, Wa’ed was founded in 2011 and has invested approximately USD 106 million in venture capital, loans, and incubation services to more than 100 Saudi-based start-ups.
12-week program
The program, Fintech Accelerator, will consist of a regulatory track and training in business that will take place in tandem. Startups will also be able to present their ideas and concepts to potential investors. The 12-week hybrid course will take place in person in Riyadh and online and will start next month. The program will host 12 start-ups for a series of workshops and training seminars.
“Our goal is to support local start-ups at every stage in their growth and prepare them for venture capital investment and regulatory qualification,” said Wa’ed’s managing director Fahad Alidi.
Startups will go through a background check and will be required to have a viable product, a tech-experienced founder and one full-time team member. Wa’ed will then select three startups to join its incubation program, with each receiving a grant equivalent to USD 13,328.
A strategic partnership
“We are pleased with Wa’ed’s strategic partnership,” said Nezar AlHaidar, accelerator manager at Fintech Saudi, “We are looking forward to providing guidance and support to the start-ups in their business development and helping them navigate the regulatory landscape.” Fintech Saudi was launched by the Saudi Central Bank (SAMA) in collaboration with the Capital Markets Authority (CMA) to support the development of the Fintech industry in Saudi Arabia.
Upon completion of the program, the startups will continue to receive support services through meetings with the accelerator team. The program will also include engagement with SAMA and the CMA.
Growth of Saudi Fintech
According to Fintech Saudi, Saudi Arabia registered 16 venture investments in Fintech firms between January and August 2021 at a total deal value of USD 157.2 million. 2019 saw six deals with a total value of USD 18 million, while 2020 saw seven deals with a total value of USD 7.8 million
To conclude, such is how the accelerator program will overpower the fintech industry.
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