The American University In Cairo has an incubator called the Venture Lab which we had covered in the past in a previous article.
Now, the AUC has launched a FinTech Accelerator for Financial Tech startups in collaboration with Commercial International Bank (CIB). Each of the Venture Lab and the CIB with the support and development of financial technology companies in Egypt.
Venture Lab will support emerging companies in the field of the digital mobile phone and e-payments that interfaces with the client’s financial planning, retail, investment and remittances.
The funding from the accelerator provides full support for start-up companies with budding ideas and give them full financial support, particularly in the following areas of collective financing and banking services to small businesses and social funding, and others.
So how will this incubation support your startup: At the AUC Venture Lab FinTech accelerator, powered by CIB Egypt you will receive intense business training and coaching, along with mentorship through the AUC’s vast network of business professionals and renowned faculty, you will have access to all AUC facilities and community, attend networking events, work in a co-working space, and receive 50,000 EGP as seed funding.
Here is a video from today by the Director of the Venture Lab, Mohamed Hamza talking about the FinTech Accelerator.
CIB’s partnership with AUC will create a platform to bridge the gap between the financial services sector and the emerging entrepreneurial ecosystem to encourage new startups in the FinTech space, which would introduce innovative solutions.
“We are pleased to partner with CIB to identify and grow innovative and transformative financial technologies (Fintechs) to the Egyptian market,” said Karim Seghir, dean of the School of Business, “CIB is a long-term valuable partner for AUC School of Business, and we are proud to collaborate with them in this cutting edge area to support innovation in the financial services industry,” added Seghir.
“Our partnership with AUC Venture Lab signifies a vital step towards our ongoing goal of introducing new innovative business models and digital financial services in Egypt, satisfying the needs of our customers,” said Mohamed Sultan, CIB Chief Operating Officer. “Considering our market context, where consumers have more mobile phones than bank accounts, Fintech innovative solutions could be their ticket to financial inclusion and membership in the digital economy,” added Sultan.
AUC Venture Lab is the leading university accelerator in Egypt, MENA and Africa, with 55 startups accelerated to-date in six cycles, generating more than LE 38 million in revenues, LE 26 million in investments and creating 376 jobs.
The mission of the AUC Venture Lab is to commercialize technologies and innovations developed by Egyptian startups to contribute to economic growth, competitiveness, and job creation. AUC Venture Lab enables entrepreneurs with strong growth potential to capitalize on AUC’s world-class capabilities (knowledge, faculty, staff, alumni, students, business network, facilities, space, brand name and services). Check out our previous article .
You can apply to the new FinTech Accelerator through this link.