Arab bank to back Egyptian startups | MCUTimes

Arab bank to back Egyptian startups

Arab Bank has launched an Egyptian branch of its FinTech, artificial intelligence (AI) and cybersecurity accelerator, the bank announced in a Press release submitted by investment companies in the region.

The bank launched the first of what it calls AB Accelerators in Jordan in 2018. The accelerator focuses on start-up in the early stages.

Hala Zahran, head of AB Accelerator, said in the press release: “AB Accelerator is unique in a way that uses a venture client as well as a venture capital model. AB Accelerator provides start-ups at an early stage with a banking and commercial collaboration that not only helps them gain credibility and validate their product, but also allows them to instantly enter multiple geographic areas. ”

Since AB launched, Zahran said in the release, the accelerator has invested in startups in the US and Europe. New investment is underway in the “MENA region”, he said, using an English-language acronym for Middle East and North Africa.

Companies invested in include Seclytics in the cybersecurity field; Tabby buy now, pay later space; and Hala Insurance, a digital insurance provider, according to the release.

Habiba Helmy, Head of Innovation at Arab Bank – Egypt, said in the press release: “We are very excited about this new opportunity to connect with promising FinTech startups in Egypt, which has one of the region’s most prosperous ecosystems for innovation. Egypt is home to talented and passionate entrepreneurs with whom we are eager to collaborate and ultimately help expand their footprint both locally and regionally. ”

The accelerator works through an application process, according to its website. Companies selected to participate in the program work from three to six months to develop concept evidence, after which projects that are judged to have good odds of success go into pilot phases.

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