Flat6Labs and Wio Bank strengthen the ecosystem of entrepreneurship – My Startup World

To further strengthen the entrepreneurship ecosystem in Abu Dhabi, Flat6Labs and Wio Bank have signed a Memorandum of Understanding (MoU).

Under the terms of the agreement, startups from Flat6Labs Ignite, a specialized seed program run by Flat6Labs in partnership with DisruptAD, will have the opportunity to use Wio’s innovative banking products and services as part of Wio Business, the industry’s first digital banking application Bank, is designed to: a Seamless and innovative experience tailored to the specific needs of startups and SMEs.

“There may be no other factor that determines the fate of a startup more than its ability to effectively manage its finances. These organizations need banking partners that have a start-up ethos – with an emphasis on agility, flexibility and innovation,” said Ryaan Sharif, General Manager at Flat6Labs UAE. “Our extensive experience in helping start-ups establish themselves in the UAE and in raising the financing they need to further their ambitions aligns perfectly with Wio Bank’s vision of not only offering world-class banking services, but… also to serve as a holistic bank management platform for modern medium-sized companies.”

Through its flagship seed program Ignite, Flat6Labs will support up to 60 startups in Abu Dhabi through 2024, with 27 disruptive organizations having already successfully invested in the three cycles already completed. By partnering with Wio Bank, Flat6Labs has ensured that startups selected for this program can now enjoy Wio Business’s prioritized processing of account opening applications, as well as 24/7 access to dedicated support services. “This is particularly beneficial for the start-ups that we attract from international markets as it allows them to seamlessly transition to establishing their headquarters in Abu Dhabi without disrupting financial operations,” said Sharif.

Wio Bank has invested in building a team of highly skilled technology professionals with a wide range of skills related to digital transformation and financial innovation. As part of the agreement, Wio Bank will make these professionals available as subject matter experts and mentors for Ignite program startups, further strengthening the program’s value proposition.

Prateek Vahie, Chief Commercial Officer of Wio Bank, said: “As a disruptor in the financial sector, we believe we have a crucial role to play in supporting the start-up ecosystem and fostering entrepreneurship in the UAE. We are committed to helping our SMB clients find the most viable options for the support they need, whether that be through traditional credit or loan financing, peer-to-peer lending, angel investing or incubators. As we develop our offerings tailored to the SMB sector, we will benefit from the insights and expertise of other key ecosystem players such as Flat6Labs.”

Leave a Comment