Eight Startups Graduate in 1864 Accelerator Demo Day
Cairo – December 10th, 2016: In light of its continuous effort to encourage innovation and visionary ideas from pioneers in the Financial Technology “FinTech” sector in Egypt, Barclays Bank Egypt and Flat6labs celebrated their Demo Day that witnessed the graduation of 8 startups selected through the 1864 Accelerator Program. This program is the first of its kind in Egypt aiming to build a new generation of business pioneers that are capable of opening up new horizons in the “FinTech” community in the Egyptian market and the region.
The startups succeeded in qualifying through all the evaluation phases of the Accelerator which included rigorous interviews and a dedicated 5 day bootcamp. The participating startups received structured training programs and excessive mentoring sessions to help them implement their ideas. The Accelerator also helped practically by providing them with the required financial and technical support, as well as the necessary business space, technical supervision and legal consultation to successfully establish their businesses.
All startup founders proposed their innovative ideas and projects to investors and venture capitalists who attended the event. The 8 startups who presented were Bees365, Card Switch, Save it, Olly, Yala Nsadar, Carsurance, Entej, and Moneyfellows.
Nancy Bassiouny, Head of Digital Channels and Innovation at Barclays Bank Egypt, expressed her content with the huge success of 1864 accelerator cycle which constitutes the first local “FinTech” startup accelerator program in Egypt. She highlighted that the program aims at supporting and encouraging emerging businesses and projects, with key objectives such as embedding the importance of team work between the participants, as well as contributing to the development of creative ideas introduced by young businesses in different “FinTech” services. Bassiouny added that the development and success that the 1864 Accelerator Program graduates have reached is a result of the strong collaboration between Barclays and Flat6labs, in addition to the bank’s commitment to provide the needed technical consultancy and financial support.
“The bank recently participated in ICT Cairo’s conference to look into the different means of benefitting from the latest advancements in the communications and information technology sector this reflects positively on the quality of the services the bank offers to its clients. It also provides the owners of the 8 chosen startups with an opportunity to experience the latest trends in the world of information technology and benefit from such trends in their future projects” added Nancy.
Willie Elamien, Managing Director Flat6labs Cairo, thanked Barclays Bank Egypt for the huge support the bank provides for businesses with innovative ideas, adding that “through the partnership between Flat6Labs and Barclays Bank Egypt. We had the privilege of being part of the creation of the first “FinTech” Ecosystem in Egypt and the MENA region. The first Cycle of the accelerator highlighted the remarkable existing talents in Egypt, and the huge opportunities present in the field of Financial Technology.”
It’s worth mentioning that 1864 accelerator Demo Day is held in conjunction with Rise-Up Summit that will take place on the 9th, 10th and 11th of Dec, 2016. This will give the startups the opportunity to participate in the largest International gathering in Egypt and the Middle East in the field of entrepreneurship, expected to host more than 5,000 attendees from around the world.