Barclays Bank and MENA-focused accelerator and fund Flat6Labs have launched the 1864 Accelerator for fintech startups in Egypt, which will offer selected startups up to EGP150,000 (US$17,000) in funding as well as 14 weeks of mentorship, coaching and support.
Powered by Flat6Labs in partnership with Barclays Bank Egypt, the 1864 Accelerator is the first local fintech-focused startup accelerator programme of its kind in Egypt, aimed at enabling entrepreneurs to transform their disruptive ideas into commercially viable solutions.
Selected startups will gain access to funding in return for equity, as well as mentorship, coaching and training from the Flat6Labs team and Barclays executives.
The programme is looking for startups across all business areas related to financial services, including payments, digital banking solutions, banking relationships, machine learning, lending, trading, cybersecurity, data analytics, payments, cryptocurrency, insurance, wealth management, asset management and capital markets.
“Our decision to collaborate with Flat6Labs in this programme, was a result of what we recently witnessed in terms of creative capabilities inherent within a wide range of innovators, startups and entrepreneurs in the financial technology field in Egypt,” said Soha El Turky, business development director at Barclays Bank Egypt.
“Through this unique opportunity, we seek to introduce a new concept for the future of financial services in Egypt; we even aspire to reach the global banking market through exceptional ideas and innovative visions.”
Ramez Mohamed, chief executive officer (CEO) of Flat6Labs, said the aim of the programme was to support entrepreneurs in transforming their ideas into successful businesses by providing all the necessary mentorship and training as per the latest international standards.
“Those who excel during the selection process qualify for seed funding from Flat6Labs to establish a strong foundation for their projects and will be mentored by a team of experts to ensure the success and sustainability of their startup companies,” he said.
Startups can apply for the 1864 Accelerator until July 18, after which the accelerator team will begin screening applicants for the next stage of selection. Flat6Labs will then organise a local Fintech Hackathon, before 60 to 80 of the best teams are invited for a 60-minute interviews.
Based on interview results, about 20 to 25 teams will be selected to participate in a five-day bootcamp, designed as an intensive workshop for each team to work on developing and testing their idea further and for Flat6Labs and Barclays to better understand the business in more detail. Then, each team presents in front of a selection committee, which will select the final teams to be accepted into the cycle.