DIFC FinTech Hive attracts 620 startups for fourth cohort accelerator programme

Applications exceed its previous record of 425 received in 2019

Dubai: The financial technology accelerator DIFC FinTech Hive has attracted 620 global, regional and local applications for its fourth-cohort programme.

The applications have exceeded its previous record of 425 applications received in 2019.

Out of 620, 30 per cent were from UAE-based firms, 46 per cent came from the Middle East and North Africa region and 24 per cent were received from global firms.

Out of the 24 per cent, 17 per cent came from Indian FinTech firms.

Key technologies within the submissions include contactless payments, digital identification, corporate solutions including treasury management, credit-underwriting automation, data management and analytics.

“The record number of applications demonstrates the depth of talent, quality of concepts and the business maturity that is present in the UAE and regionally,”   Raja Al Mazrouei, Executive Vice-President of DIFC FinTech Hive, said.

Almost two-thirds of applications were from start-ups in the pre-seed stage, whilst almost one third (29%) were in the seed stage.

Across the applications, 45 per cent were start-ups in the Minimum Viable Product stage.

Selected businesses participate in a 14-week curriculum, providing a springboard for seed and pre-seed start-ups to expand in the region.

The first half of 2020 saw DIFC FinTech Hive triple in size with the opening of a larger space in Gate Avenue supporting start-ups, scale-ups and entrepreneurs.

The DIFC FinTech Hive programme is managed in partnership with Abu Dhabi Islamic Bank, First Abu Dhabi Bank, HSBC, Emirates NBD, Dubai Islamic Economy Development Centre, Visa, Wall Street Exchange, Standard Chartered Bank, Mashreq Bank and Emirates Islamic Bank.

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