Riyadh - Sharikat Mubasher: The Arab National Bank (ANB) launched the first batch of the Fintech Accelerator Program under the ANB Innovate umbrella to empower fintech startups in Saudi Arabia.
According to a recent statement, the bank launched the accelerator program in partnership with the Saudi Small and Medium Enterprises General Authority (Monsha’at), Fintech Saudi, and the ultimate innovation platform Plug and Play (PNP).
This 12-week program aims to empower and inspire innovation among fintech startups by providing access to 10 tailored focus weeks covering early-stage concepts all the way to more late-stage concepts. It targets post-MVP to pre-series A startups with existing operations in the MENA region and demonstrated commitment to expanding to the Kingdom.
Participants will get access to one-to-one mentoring from experts and founders in the ecosystem from the MENA region and beyond, and will receive hands-on support from the dedicated PNP program team.
Top startups that demonstrate positive growth will be eligible for investment consideration through the ANB Seed Fund. PNP will also explore investments in the top cohort startups, which will be introduced to leading MENA and global investors over 12 weeks.
Furthermore, startups will gain valuable collaboration opportunities with industry leaders, innovative companies, and strategic partners globally. They will also get access to a wide selection of product perks and discounts from over 100 vendors for a combined offer value of over $200,000. Offers include credits from Google Cloud and HubSpot.
Top-performing startups in the program will get the opportunity to travel to Silicon Valley and gain exposure to the US market, pursue business development, fundraising, and other strategic opportunities.
The program focuses on several key areas, including B2B lending solutions, B2C lending solutions, merchant value-added solutions, digital assets, embedded finance, financial RegTech, wealth management solutions, and more.
