The American University in Cairo Venture Lab (AUC VLab) has announced the graduation of 5 startups from its inaugural Fintech Accelerator.
The Fintech Accelerator was aimed at providing specialized support to the participating startups in order to help them grow, through invaluable insights gained from Fintech aficionados, and increase their impact on the Egyptian economy.
The accelerator ran for 12 weeks with 5 startups: Neqabty, a mobile and web payment solution; social platform, Insanyah; online credit-enabling platform, Roznamgy; Pochy, a social payment app; and 7esba, a platform for people living in shared buildings, compounds, flat/room mates to manage their expenses ins and outs.
The startups pitched their business ideas and showcase their products and services on Demo Day, which held on February 14, 2017.
“This in fact has been a learning process for us. We did acquire better knowledge and experience of designing a strong, successful accelerator to help FinTech entrepreneurs,” said Mohamed Sultan, CIB Chief Operating Officer,
He added, “The FinTech Accelerator is just the beginning of a long journey, during which we have laid the foundation of an ongoing, genuine collaboration model between CIB and the entrepreneurship field. This collaboration will lead to promising opportunities, which will boost the productivity of these untapped segments and accelerate the financial inclusion in the Egyptian society.”
The Fintech Accelerator is a partnership between CIB-Egypt and AUC to support entrepreneurship in Egypt. Its aim is to bridge the gap between the financial services sector and the emerging entrepreneurial ecosystem to encourage new startups in the Fintech space.