Arab Bank to back Egyptian fintech with accelerator

Arab Bank has announced the launch of an arm of its fintech, AI, and Cybersecurity accelerator program in Egypt. This was made known in a press release posted by the lender.

Arab Bank’s accelerator program AB Accelerators first launched in Jordan in 2018. Through this program, Arab Bank has provided the necessary backing (in funding and expertise) to several early-stage startups.

In the news release, Hala Zahran, head of AB Accelerator, stated: “AB Accelerator is unique in a way that applies a venture client as well as a venture capital model. AB Accelerator provides early-stage startups with a banking and commercial collaboration that not only helps them gain credibility and validate their product, but also allows them to instantaneously tap into multiple geographies.”

Since AB first launched, the accelerator has invested in startups out of Europe, the Middle East, North America, and the United States, with new investments planned in the Middle East and North Africa.

Some of the firms currently on its portfolio include Seclytics, a cybersecurity firm; Tabby a buy now, pay later platform; and Hala Insurance, an insurtech firm. 

To join its program, companies have to apply online and wait to be selected, after which they are given three to six months to develop a proof of concept. Firms that show the best prospects are promoted into pilot stages.