In a bid to further strengthen Abu Dhabi’s entrepreneurship ecosystem, Flat6Labs, a MENA-based seed-stage program and early-stage venture capital firm, and Wio Bank, the region’s first platform bank, have signed a Memorandum of Understanding (MoU).
Under the agreement, startups from Flat6Labs Ignite, a specialised seed program run by Flat6Labs in partnership with DisruptAD, will have the opportunity to take advantage of Wio’s innovative banking products and services under Wio Business, the bank’s first digital banking application, which is designed to provide a seamless and innovative experience tailored to the specific needs of startups and SMEs.
"There is potentially no other factor that more heavily decides the fate of a startup than its ability to effectively manage its finances. These organisations need banking partners that have a startup ethos — centred around agility, flexibility, and innovation,” said Ryaan Sharif, General Manager at Flat6Labs UAE. “Our long-standing expertise in empowering startups to establish themselves in the UAE and raise the funding they need to fuel their ambitions aligns perfectly with Wio Bank’s vision of not only providing world-class banking services, but serving as a holistic banking management platform for the modern SME.”
Under its flagship seed program, Ignite, Flat6Labs is set to support up to 60 startups in Abu Dhabi by 2024, with 27 disruptive organisations already having successfully invested in the 3 cycles that have already concluded. By partnering with Wio Bank, Flat6Labs has ensured that startups selected for this program will now enjoy Wio Business’ prioritised processing of account opening applications, as well as around-the-clock access to dedicated support services.
“This is especially beneficial to the startups we attract from international markets as it enables them to seamlessly transition into establishing their headquarters in Abu Dhabi without any disruption to financial operations,” said Sharif.
Wio Bank has invested in establishing a team of high-qualified technology experts with a broad range of skills related to digital transformation and financial innovation. Under the agreement, Wio Bank will make these professionals available as subject-matter experts and mentors to Ignite program startups, thereby further strengthening the value-proposition of the program.
Prateek Vahie, Chief Commercial Officer of Wio Bank said, “Being a disruptor in the financial sector, we believe we have a critical role to play in supporting the startup ecosystem and fostering entrepreneurship in the UAE. We are committed to ensuring that our SME customers find the most viable options for the support they need, be it through funding via traditional credits or loans, peer-to-peer lending, angel investments, or incubators. As we develop our offerings tailored to the SME sector, we will benefit from the insights and expertise of other major players in the ecosystem, such as Flat6Labs.”
Wio Business provides startups, freelancers, and SMEs access to banking services seamlessly while giving them the opportunity to move forward with innovative beyond-banking services. The app, which streamlines all business banking services in one place, will also integrate payment information and services, enabling businesses to manage everything in one place, on-the-go.
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