Meet the 10 startups presented at Fintech Saudi's Demo Day on MAGNiTT

Fintech Saudi concluded its 3-month Fintech Accelerator Program, powered by Flat6Labs, with a virtual Demo Day last Wednesday. For the past three months, ten Fintechs have been refining their product strategy and developing their business models, and the Demo Day gave them the opportunity to pitch their products to potential investors, the media, and the wider business community.


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Meet the 10 KSA-based startups:

● Wethaq - A platform for the primary issuance, custody, and servicing of securities in the Islamic markets.
● Faloos - A direct person-to-person payment platform available to users in KSA.
● Buthoor - Equity crowdfunding platform that facilitates access to capital for small and medium startups. 
● Rasmal - Provides several services dedicated to private companies of different sizes. 
● Tammwel - An online gateway to find personalised loans with instant approvals.
● UPayments - Creates innovative payment solutions that help businesses grow.
● Crayon Data - Proprietary AI platform to help enterprises stay relevant and manage operations.
● Sahala - "Buy Now, Pay Later" payment solution.
● Themar - A Sharia-compliant peer to peer purchase financing network.
● Mal’aa Finance - Provides data-driven financial products/services to serve end consumers and organizations. 

Ziad Al Yousef, Deputy Governor For Development and Technology, opened the Demo Day stating, “We will continue to support young entrepreneurs to achieve their full potential by continuing to provide them with opportunities to grow. This will help us to transform the Kingdom into an innovative fintech hub that contributes to the goals of Vision 2030 and supports the Kingdom to remain as a leading hub in the financial services sector."

Nejoud Almulaik, Director of Fintech Saudi said, “In line with the objectives of Financial Sector Development Program and Vision 2030, Fintech Saudi launched Fintech Accelerator which aims to support innovative solutions in financial services. We are pleased to have completed the first cohort of the Fintech Accelerator which includes 10 exciting fintech companies who are driving financial inclusion and using data, innovative technology, and disruptive business models to provide individuals and companies with a better experience."

“As the Fintech Accelerator comes to fruition, we are pleased to have worked alongside Fintech Saudi to create a truly bespoke and impactful accelerator program,” added Ramez El-Serafy, CEO at Flat6Labs. “The program was successful in empowering, supporting, and enabling innovative entrepreneurs to take bigger strides in the development of their Fintech startups in a very short period of time.”

The Fintech Accelerator program was launched in Saudi Arabia with a plan to inspire entrepreneurs to venture into and grow the Fintech industry in the Kingdom. With the Fintech Accelerator program, Fintech Saudi hopes to contribute to its goal of fulfilling Saudi’s Vision 2030 by transforming Saudi Arabia into an innovative Fintech hub with a thriving and responsible fintech ecosystem.


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