Leading seed-stage project and early-stage venture capital firm Flat6Labs has signed an agreement with Wio Bank, the region’s first platform bank, to simplify and enhance SME-focused banking services for Abu Dhabi-based startups.
Under the Memorandum of Understanding (MoU), start-ups in Flat6Labs Ignite, a specialist seed program run by Flat6Labs in partnership with DisruptAD, will have the opportunity to leverage Wio innovative banking products and services under Wio Business, the bank’s first digital banking application program, designed to provide a seamless and innovative experience to meet the specific needs of start-ups and SMEs.
“Probably no other factor determines the fate of a start-up than the ability to manage finances effectively. These organizations need a banking partner with a start-up spirit – centered around agility, flexibility and innovation,” said Ryaan Sharif, Managing Director, Flat6Labs UAE . Banking services, but as an overall banking management platform for modern 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 start-up ecosystem and fostering entrepreneurship in the UAE. We are committed to ensuring our SME clients find the most viable Choose to get the support they need, whether it is 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 other key players in the ecosystem ( such as the insights and expertise of 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. — trade arab news agency