Dubai’s DIFC FinTech Hive saw its largest cohort graduate from its accelerator since the launch of the free zone in 2017
A total of 44 startups graduated from DIFC FinTech Hive’s acceleration programme at a virtual Investor Day, the largest cohort in its five-year history, according to a statement by the Dubai International Financial Centre (DIFC).
Selected startups participate in one of two innovation sprints, with a one-month curriculum for growth-stage start-ups. Startups were selected from across the UAE and the GCC, as well as Africa, Asia, Europe, and North America, the statement said.
This year’s programme also covered a broad range of sectors, including fintech, regtech and Islamic fintech, covering open banking, SME banking, insurtech, payments, ESG, and credit scoring.
“The solutions from this year’s DIFC FinTech Hive Accelerator participants are amongst the best we have seen since the programme launched in 2017. The participants have developed technologies which will help shape the future of finance and are worthy of investment,”
said Raja Al Mazrouei, Executive Vice President of DIFC FinTech Hive.
DIFC FinTech Hive is an initiative under the DIFC Innovation Hub. The Innovation Hub saw a total of 150 new startups and fintech companies join in H1 this year. It is expected to be expanded over the next two years, growing to 1,000 businesses.
Currently, the DIFC fintech is home to over 450 fintech and innovation companies, representing more than 60% of all the fintech organisations in the GCC, according to the statement. Since launch, it has received more than 2,500 applications for its signature programme, over 160 startups participating, the statement said.
Overall, the DIFC is home to 3,000 companies as of an announcement in September this year. With this, the jurisdiction achieved it’s ‘2024 Strategy’ growth targets three years ahead of time.
Featured image: DIFC
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