Arab Bank Egypt has concluded the first edition of its fintech bootcamp for Egyptian startups, with cash funding provided to three winning fintech startups.
The one-week bootcamp took place between the 21st and the 25th of November this year, according to a statement. Shortlisted startups participate in bootcamp workshops that were led by fintech entrepreneurs, investors, and experts from the fintech industry and Arab Bank Egypt.
Enrolled startups pitched their solutions to a judging panel, comprising Arab Bank senior management and independent investors, at a demo day. Three winning startups received cash rewards of up to EGP 100,000.
These were online invoicing and payment platform Fawateerak, which received the first prize of EGP 100,000, F-Mail, which received the second prize of EGP 75,000, and Vlens with the third prize of EGP 50,000.
The bootcamp allows participating fintech startups to present their solution to Arab Bank’s fintech-focused corporate accelerator, the AB Accelerator. Startups have a chance to integrate their solutions within the bank through the initiative.
The AB Accelerator has a focus on early stage technology startups in the EMEA region, with a business model focused on financial services innovation, the statement said.
“The bootcamp focused on connecting entrepreneurs with relevant bank stakeholders to explore collaboration opportunities in addition to giving them hands on support through holding knowledge exchange sessions with mature entrepreneurs that have gone through similar journeys in their early days, particularly relating to the challenges and pains that less mature startups are experiencing,”
said Habiba Helmy, Innovation Lead at Arab Bank Egypt.
Arab Bank is a Jordan-headquartered banking chain. It has 44 branches across Egypt, part of a wider network of over 600 branches in five continents.
Featured image: Arab Bank