Fintech Incubators for Upcoming Saudi Startups
Last Updated on November 9, 2023 by Ameer Hamza
Many startups require support or assistance to push them to grow and succeed. Fintech incubators offer that necessary push; they are organizations or programs that help startups realize their set plan by providing requisite support. This support can include funding, access to investors and networking, training, and mentorship. In light of the rapid establishment of startups in Saudi Arabia, there is an increased need for the support of fintech incubators. Here are five of the most supporting fintech incubators in Saudi Arabia.
What are the Potential Fintech Incubators for Saudi Startups
Saudi Technology Ventures
The primary aim of Saudi Technology Ventures is to support the startup ecosystem within Saudi Arabia by providing the necessary mentorship, funding, and access to networks. The company is quite particular about providing resources for startups with the right potential to positively impact the fintech and technology sector as well as the Saudi Arabian Society. The company has rapidly risen to be a force reckoned with in Riyadh, Saudi Arabia. It has to name many successful startups that it has incubated. Some of them include Careem, Sary, and Trukkin
Wa’ed Venture Capital firm is a $500 million venture capital fund backed by Aramco. The company aims to invest in tech-based startups to push the global boundaries of innovation. As such, it aims to accelerate an ecosystem of innovation by investing in home-grown technologies and tech-base startups to ultimately stimulate the emergence of a sustainable startup economy. Wa’ed is particularly interested in startups with the potential abilities for industrial transformation and impact. It has also seen the success and growth of startups such as Pasqal, Alteia, Wahed, and Lamaa.
Al Faisaliah Ventures
Al Faisaliah ventures are one arm of the Al Faisal group. The group aims to prioritize investing in global and regional sectors to transform Saudi Arabia‘s role in the Middle East region. It is particularly interested in investing in early-stage and growth-stage companies across critical sectors, especially fintech. The firm is geared toward supporting entrepreneurs by helping them build a solid business garnished with the necessary training, network, and expertise. The Al Faisaliah has had a key say in projects like Tamara and Mrsool.
Fintech Saudi is the brainchild of the Saudi Arabian Monetary Authority and the Capital Market Authority. This venture came to be due to the need to support the development of the fintech sector within Saudi Arabia. The goal of the initiative is to collaborate with fintech stakeholders and innovators to bring about significant innovations and solutions to address the problems of the country’s financial sector. The venture has recorded a partnership with Flat6Labs to launch an accelerator program to train and fund startups in Saudi Arabia. It has also provided a fintech hub that doubles as a working space for startups in the event of activities and programs.
Fintech Galaxy was launched in 2017 to support Saudi Arabia’s fintech industry. Its primary goal is to create a marketplace where fintech companies can thrive by connecting with investors, service providers, and customers. Fintech Galaxy has always been clear about its objectives: to bring about innovation and collaboration in Saudi Arabia’s fintech tech by providing tools and resources for companies. They have accelerator programs, a talent hub, and an investor matchmaking service. Fintech Galaxy has been the brains and support of many fintech companies and has helped foster significant partnerships within the industry.
It is evident that every action taken by Saudi Arabia and other private stakeholders has been deliberately geared towards fostering the growth and development of the fintech ecosystem to ensure there are more innovative changes and development within the country and globally.