Qatar FinTech Hub (QFTH) has announced the list of 16 fintechs joining Wave 3 of its incubator and accelerator programmes.
Founded by the Qatar Development Bank (QDB), the QFTH runs an incubator and an accelerator to encourage fintech innovation in Qatar.
The incubator is focused on early-stage startups, with a total investment purse of up to US$40,000. On the other hand, the accelerator is aimed at established companies, who can gain access to a total funding pool of up to US$100,000.
The QFTH is also offering in-kind support worth US$250,000, including bespoke mentoring and training services from the QFTH, strategic partners and over 35 international and local mentors.
Other benefits include licensing support, registration fee waiver, and collaboration avenues with both local financial institutions and regulatory bodies.
Wave 3 received over 500 applications worldwide
Wave 1 of the programme, which took place last year, saw 18 fintech companies participate, from a pool of over 750 applications.
Wave 2 saw 22 fintech companies shortlist from over 550 applications.
For Wave 3, the QFTH shortlisted 16 fintech companies to participate in the two programmes, from over 500 applications received from 40+ countries. Of these, 10 will go into the incubator. The remaining six startups will go into the accelerator program.
Apart from Qatar, participating countries include Canada, Luxembourg, India, Sudan, Malaysia, and Indonesia, amongst others.
Wave 3 focuses on the theme of ‘Embedded Finance and TechFin’.
The 12 week-long programmes will conclude in December this year, and will be conducted virtually. The demo day is scheduled to take place in January next year.
“Our programs have witnessed tremendous success since their launch. The previous two waves were received with great interest from local and international stakeholders.
This is only telling of the coordination we have with our partners to ensure the growth of the sector so that Qatar can become a regional hub for disruptive FinTech solutions, catering to the needs of the global market,”
Hamad Dashin Al Qahtani, SME Incubation and Acceleration Manager at the QDB, said.
Featured image source: Unsplash