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To further strengthen the startup ecosystem in Abu Dhabi, Flat6Laba leading seed-stage project and early-stage venture capital firm in the MENA region, and wow bankThe first platform bank in the region has signed a Memorandum of Understanding (MoU).
Under the agreement, Flat6Labs Ignite startups will have the opportunity to take advantage of Wio innovative banking products and services under Wio Business, a specialist seed program run by Flat6Labs in partnership with DisruptAD, the bank’s first digital banking application, which aims to Delivering a seamless innovation experience tailored to the specific needs of start-ups and SMEs.
“Probably no other factor determines the fate of a startup more than the ability to manage finances effectively. These organizations need banking partners with an entrepreneurial spirit – centered around agility, flexibility and innovation,” Ryaan Sharif, General Manager of Flat6Labs UAE said. “Our longstanding expertise in helping start-ups gain a foothold in the UAE and raise the capital they need to realize their ambitions is perfectly aligned with Wio Bank’s vision to provide not only world-class banking services but also comprehensive bank management for modern SMEs. enterprise platform.”
Under its flagship seed program Ignite, Flat6Labs plans to support up to 60 startups in Abu Dhabi by 2024, out of which 27 disruptive organizations have successfully invested in 3 cycles that have already concluded. In partnership with Wio Bank, Flat6Labs has ensured that start-ups selected for the program will now enjoy priority processing of account opening applications by Wio Business, as well as dedicated 24/7 support services.
“This is particularly beneficial to the start-ups we attract from international markets as it enables them to seamlessly transition to establishing their headquarters in Abu Dhabi without any disruption to financial operations,” Sharif said.
Wio Bank has invested in building a team of highly qualified technologists with a wide range of skills related to digital transformation and financial innovation. Under the agreement, Wio Bank will further strengthen the value proposition of the program by having these professionals serve as subject matter experts and mentors for project Ignite start-ups.
Prateek Vahie, Chief Commercial Officer, Wio Bank said, “As a disruptor in the financial sector, we believe we have a key role to play in supporting the startup ecosystem and fostering entrepreneurship in the UAE. We are committed to ensuring our SME clients find the most viable option to get the support they need, Whether financing is through traditional credit or loans, peer-to-peer lending, angel investment or incubators.As we develop products suitable for the SME sector, we will benefit from the insights and expertise of other key players in the ecosystem such as Flat6Labs. “
Wio Business provides seamless banking services to start-ups, freelancers and SMEs, while giving them the opportunity to grow with innovative services beyond banking. The app simplifies all business banking services in one place and will also consolidate payment information and services, allowing businesses to manage everything in one place, anytime, anywhere.
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