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With a large section of Egypt’s population being underserved in their access to financial services, the country is emerging as a hotbed for fintech ventures. Recognizing this momentum, Flat6Labs in partnership with Barclays Bank, Egypt has launched 1864 Accelerator, a fintech-focused startup accelerator to support fintech innovation in Egypt. In a statement, commenting on how 1864 can benefit aspiring entrepreneurs in Egypt, Ramez M. El-Serafy, CEO, Flat6Labs, said, “Those who excel during the selection process qualify for seed funding from Flat6Labs to establish a strong foundation for their projects, and [they] will be mentored by a team of experts to ensure the success and sustainability of their startup companies.”
Discussing the reasons for choosing Egypt as the base, Badr says that the country has a large scope for fintech proliferation in both the low end and high end of the market. He cites success stories of Fawry, Egypt’s leading electronic bill payment platform, as evidence of the country’s potential. With fintech ventures ranging from alternative forms of lending to payment processing systems, Flat6Labs believes that “if these companies can exist elsewhere, then why not in Egypt or the Middle East.” While it is a nascent concept for the Egypt ecosystem, fintech holds promising growth opportunities, but educating customers on going digital for their financial activities continues to be a key challenge- and one that 1864 hopes to address.
Interested persons can apply to the accelerator program through the official website www.1864aaccelerator.com, which also contains required information.