Egyptian startup Money Fellows has been selected for the Startuptbootcamp fintech accelerator programme in London, joining nine other companies in benefitting from mentorship from more than 100 entrepreneurs, investors and corporate partners.
The ten startups selected for Startupbootcamp FinTech include teams from across Europe, America and Asia-Pacific, and were chosen following a rigorous selection process by a panel of industry experts, including representatives from Startupbootcamp and its partners.
They have a combined US$6 million in investment already raised between them, while half of them are already generating revenue. Money Fellows, run by chief executive officer (CEO) Ahmed Wadi, allows customers to leverage their social network to make loans cost nothing and savings more rewardable.
Money Fellows is the only African startup on the programme, though M-Changa from Kenya and South Africa’s Creditable were part of last year’s cohort. Startupbootcamp has been on a push of late for more African involvement in its programmes, and has held several fast-track pitch days in Cape Town and Johannesburg in the last few months.
“As we continue to expand our industry-focused programmes, it’s important for us to attract the most talented founders around the world – and that includes startups hailing from Europe, Americas, Asia and Africa,” said Andy Shannon, head of Startupbootcamp Global.
The fintech accelerator features masterclasses on topics ranging from lean to legal, and focused partner days on media, investment and sales. Each team receives EUR15,000 (US$17,000) and three months free office space at the Rainmaking Loft, Startupbootcamp’s London home.
Partnerships with Rabobank, Lloyds Banking Group, MasterCard, arvato Financial Solutions, Intesa Sanpaolo and Route 66. Ventures will also provide the Startupbootcamp FinTech finalists with access to pilot customers, industry data, APIs and capital.
After three months of acceleration, the 10 teams will be invited to present their companies to investors, mentors and partners during demo day.