Abu Dhabi, United Arab Emirates – To further strengthen Abu Dhabi’s startup ecosystem, Flat6Labs, the MENA region’s leading seed-stage project and early-stage venture capital firm, has signed a Memorandum of Understanding with Wio Bank, the region’s first platform bank 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 start-up business more than the ability to effectively manage finances. These organizations need banking partners with a start-up spirit – centered around agility, flexibility and innovation,” said Ryaan Sharif, General Manager, Flat6Labs, UAE“Our long-standing expertise in helping start-ups gain a foothold in the UAE and raise the capital they need to realize their ambitions is fully aligned with Wio Bank’s vision to provide not only world-class banking services but also a comprehensive modern bank management service. A platform for SMEs.”
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 what they need Support, whether financing 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 Knowledge.”
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.
About Wio Bench PJSC:
Wio Bank PJSC is an integrated digital banking platform jointly owned by Abu Dhabi Development Company (ADQ), Alpha Dhabi Holding, Etisalat and First Abu Dhabi Bank (FAB), with an initial capital expenditure of AED 2.3 billion. The bank is regulated by the Central Bank of the United Arab Emirates.
Flat6Labs is the leading seed and early-stage venture capital firm in the MENA region, currently running some of the region’s most prestigious startups. Every year, Flat6Labs invests in over 100 innovative and technology-driven start-ups, enabling thousands of passionate entrepreneurs to realize their bold ambitions and eventually become their institutional co-founders.
Flat6Labs manages multiple seed funds with a total AUM of over $85 million. More than 25 leading institutions have invested in funds managed by Flat6Labs. In addition to investments, Flat6Labs’ start-up programs are specifically executed to meet the needs of innovative entrepreneurs, helping them accelerate by providing them with a wide range of support services and connecting them to unrivaled opportunities through an extensive network of hundreds of business mentors Growth, investors and business.
Flat6Labs has been headquartered in Cairo since its inception in 2011, with multiple offices in the region; and plans to expand into other emerging markets.
Procre8 by Flat6Labs