Startupbootcamp FinTech Dubai Second Cohort Raises $2.8m and Signs over 40 Proof of Concepts in DIFC

Startupbootcamp FinTech Dubai Second Cohort Raises $2.8m and Signs over 40 Proof of Concepts in DIFC
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Featured image credits: Supplied

▸ More than 50% growth in number of applications from 300 to 450 year-on-year
▸ Nearly fourfold increase in Proof of Concepts (PoCs) from nine to more than 40 year-on-year
▸ Diverse origin of the 10 start-ups each from 10 different countries in Europe, Asia, North America, Africa and Middle East
▸ Nine out of 10 start-ups choose DIFC as a stable and enabling long-term base to scale-up operations and benefit from easy access to the Middle East and North Africa

Startupbootcamp FinTech Dubai’s second cohort has completed its accelerator program featuring 10 start-ups from the UAE, Singapore, USA, India, Finland, Egypt, Uzbekistan, South Africa, Kazakhstan, and Lebanon – double the number of countries represented from the first cohort, reflecting its global appeal. The program has proven to be outstanding for partner engagement, generating the highest number of Proof of Concepts (PoCs) ever, increasing from nine PoCs in 2019 to more than 40 this year. 90 per cent of the start-ups are currently scaling their solutions in the UAE from Dubai within various sectors such as digital lending, banking, payments and credit decision-making, thanks to Dubai International Financial Centre (DIFC), VISA, Mashreq & HSBC.

The Startupbootcamp FinTech Dubai accelerator program launched its first cohort in 2018. Over the last three years, FinTech has become a rapidly growing focus, supporting Dubai’s position as the leading global financial hub in the Middle East, African and South Asia region. To reflect the importance of fostering FinTech development in the DIFC, Startupbootcamp, together with its partners facilitate an intensive three-month growth program located in FinTech Hive at DIFC to support the business growth of start-ups and prepare them for operations and future scaling. Start-ups also benefit from mentorship and easy access to comprehensive resources, insights, technology and world-leading expertise.

From a pool of more than 450 international applicants, up more than 50 per cent from the previous year, the 10 successful start-ups in Startupbootcamp FinTech’s second cohort underwent a three-month accelerator program from January to April 2020 in the heart of the leading financial hub in the Middle East, Africa and South Asia (MEASA) region DIFC. During the program, the startups participated in 150+ hours of mentoring, 120+ meetings and investor connections along with receiving 30+ hours of pitch practice.

Arif Amiri, Chief Executive Officer, DIFC Authority, said,

“Despite the u