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    HomePartner ContentChangelabs Launches First MENA Fintech Accelerator in Egypt, Backed by $100M Fund

    Changelabs Launches First MENA Fintech Accelerator in Egypt, Backed by $100M Fund

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    Regional impact-centered accelerator Changelabs is bringing its flagship MENA Fintech Accelerator to Egypt for the first time. In partnership with DisrupTech Ventures and InDrive New Ventures, the program aims to support 12 innovative small and medium-sized enterprises (SMEs) in the fintech sector. The goal is to help these businesses develop their products, secure funding, and build strategic partnerships to enhance access to finance and create high-tech jobs in Egypt. This initiative targets SMEs across Africa and the MENA region, encouraging them to expand their solutions into the Egyptian market.

    Applications are now open for the Fintech for a Future Accelerator, which seeks to identify and scale promising fintech startups. Supported by SANAD Entrepreneurship Academy, FMO, Disruptech Ventures, and InDrive New Ventures, the program will provide a dynamic platform for early-stage ventures to scale their financial solutions, empowering individuals and businesses across Egypt.

    Karim Samra, Founder and Managing Director of Changelabs, emphasized the unique nature of the accelerator program now in Egypt. “We’ve teamed up with global transportation leader Indrive’s VC arm and Egypt’s premier fintech VC Disruptech to create a unique program that will shortcut the fintech journey by providing startups with direct access to existing fintech leaders, introducing them to new customers, building partnerships, and co-developing products and services for maximum success,” Samra said. He believes that fintech startups are crucial for increasing access to products and services for Egyptian consumers and businesses, representing a significant proportion of Africa’s recent unicorns.

    The Fintech for a Future Accelerator is designed to accelerate the growth of participating startups through various supports:

    • Funding Opportunities: Financial investment to support the development and launch of innovative fintech solutions.
    • Partnership Leads: Opportunities to connect with potential investors, partners, and customers.
    • Coaching & Mentorship: Guidance and support from experienced industry leaders, investors, and entrepreneurs.

    Kim Reichel, Chairperson of the SANAD Technical Assistance Facility, expressed pride in partnering with Changelabs for the new accelerator program in Egypt. “The SANAD Technical Assistance Facility is proud to partner with Changelabs to support an acceleration program for innovative fintech companies in Egypt, reinforcing our commitment to fostering fintech ecosystems in our investment countries. Through TAF’s tailored accelerator programs, we empower the most talented startups and entrepreneurs to create positive impact, driving innovation and economic growth,” Reichel said.

    The program will be offered in a hybrid format, combining online and in-person elements, covering topics such as value proposition, customer acquisition, commercialization, market positioning, and milestone planning. Participating startups will receive $25,000 in AWS funding, tech support, design services, and more. Upon completing the program, startups will have the opportunity to pitch to investors during Demo Day and connect with a vast network of international investors, industry experts, and partners.

    Mohamed Okasha, Managing Partner at DisrupTech Ventures, highlighted the importance of early-stage guidance. “At DisrupTech, we recognize the necessity of early-stage guidance, making us firm believers in extending 360 support that goes beyond capital injection. We’re proud to be extending such vital mentorship to Egyptian startups with our long-standing partner, Changelabs, as our shared visions work to drive innovation and pave the road to a thriving local fintech ecosystem,” Okasha said.

    The Fintech for a Future Accelerator is actively seeking applications from fintech startups with disruptive solutions and the potential to revolutionize the financial landscape. Applications are open until August 1st, 2024.

    Changelabs is a top-rated accelerator focused on the Middle East and Africa, building innovative and cutting-edge impact entrepreneurship programs and industry events for startups, funds, and entrepreneurs. These efforts are in partnership with leading governments, development organizations, and private sector players.

    The SANAD Fund for MSME finances micro, small, and medium enterprises and low-income households in the Middle East, North Africa, and selected countries of sub-Saharan Africa via qualified local lenders. SANAD fosters economic development and job creation, including youth employment, agriculture, affordable housing, and innovations in finance and financial technologies.

    DisrupTech Ventures is a leading venture capital firm that backs ambitious tech entrepreneurs. Founded by Mohamed Okasha, it focuses on early-stage funding for fintech and fintech-enabled digital services, empowering disruptive visions and fueling the growth of Egypt’s most daring tech startups.

    InDrive’s new venture and merger and acquisition division, New Ventures, plans to invest up to $100 million in startups within emerging markets over the next few years. The New Ventures unit will largely provide capital to post-seed/Series A-stage companies demonstrating substantial year-over-year growth, helping them scale quickly across InDrive’s main ride-hailing platform and gain access to the company’s extensive network and resources.

    For more details and to apply for the accelerator, visit Changelabs.

    Applications are open until August 1st, 2024. Apply here: https://form.typeform.com/to/M2jHc6y8.

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