Meet the 11 startups participating in Startupbootcamp FinTech Dubai's third cohort on MAGNiTT
After a three month intense recruitment period whereby more than 550 applications were received from over 50 countries, Startupbootcamp Fintech Dubai has announced the 11 startups selected for the third cohort of the FinTech accelerator programme.
Following two successful cohorts, the accelerator has welcomed its third cohort for the programme in partnership with Dubai International Financial Centre (DIFC), Mashreq Bank, and Visa. The latest intake features startups from the UAE, UK, USA, Singapore, Hong Kong, Malaysia, and Jordan.
Despite the global impact that COVID-19 has had on the startup ecosystem, this year the Startupbootcamp FinTech Dubai programme received a 20% increase in the number of applicants from the previous cohort. The high quality of applications led to the partners opting to take onboard 11 companies for the programme instead of the typical ten per cohort, making this the largest cohort accepted for the programme to date.
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The 11 startups joining the third cohort are:
Absolute Collateral (UK)
A B2B capital markets electronic trading platform focusing on collateral trading for financial institutions.
Aura Insurance (UAE)
An enabler of non-insurance entities to sell insurance to their customers.
A regulatory reporting platform designed to reduce the costs and risks associated with compliance.
A financial wellness app for Gen Zs to build credit, automate their finances, and prequalify for financial products.
A digital transformation platform for banks through an AI-powered framework with the end goal of elevating the customer experience.
A global private debt marketplace matching alternative lending firms and investors seeking attractive returns.
Open CBS (Hong Kong)
An open, scalable, and affordable cloud-based Core Banking System & Solutions for digital transformation of smaller size financial institutions.
A platform that allows investing in an easy and simple way for users in the UAE and Saudi Arabia.
Singular Capital (Malaysia)
A digital asset wallet that makes sophisticated investment and financial tools accessible to anyone with a mobile phone.
A digital legacy planner, where clients can store their personal data which gets released to their designated beneficiary in the event of an untimely passing.
A stock trading software solution that integrates into a broker’s infrastructure, allowing retail investors to easily invest in securities.
“The selection process this year was extremely competitive, and the 2% of the companies that are joining the programme are all world-class founders with innovative Fintech products looking to grow and benefit from Dubai’s unique position on the international financial playground,” says Mohamad Sabouneh, the Managing Director of Startupbootcamp FinTech Dubai.
The third cohort of the accelerator programme launches in November 2020 and will culminate in a Demo Day at the end of February 2021. This time the extensive three-month programme will run as a hybrid model, with one founder per team flying to Dubai and the rest of the team joining online for all the masterclasses, exclusive 1:1 mentoring sessions, and workshops led by industry experts.
Corporate partners continue to represent an integral part of the Startupbootcamp FinTech Dubai accelerator. They play an active role in the programme and foster a highly collaborative relationship with the startups throughout the programme, which will hopefully culminate in agreeing on a proof of concept between the startups and the partners.
Raja Al Mazrouei, Executive Vice President of DIFC FinTech Hive commented, “The calibre of startups in this year’s cohort is outstanding. DIFC FinTech Hive and the wider DIFC community are ready to help them use the programme to advance their solutions and access the Middle East, Africa, and South Asia region. DIFC is looking forward to leveraging our established partnership with Startupbootcamp to stimulate FinTech innovation and help startups contribute to the future of finance.”
Subroto Som, Senior Executive Vice President & Group Head of Retail Banking Group, Mashreq Bank said, “Perhaps more so than ever before, the COVID-19 pandemic has demonstrated the importance of digital innovation in the financial services industry... At Mashreq, we will continue to play a leading role to encourage and support companies such as these, with the eventual goal of deploying the relevant innovations to improve our operations, and most importantly, the overall experience for our customers.”
Otto Williams, Vice President, Strategic Partnerships, Fintech and Ventures at Visa for Central and Eastern Europe, Middle East and Africa, added, “We are proud of our longstanding association with Startupbootcamp Fintech Dubai and look forward to mentoring this third wave of start-ups joining the FinTech Accelerator as we continue to support the UAE’s growth as a Fintech hub.”
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