Flat6Labs , MENA-focused accelerator and the Barclays bank have launched the 1864 Accelerator for Fintech startups in Egypt.
Flat6Labs stated that they will offer selected startups up to EGP150,000 (US$17,000) in funding as well as 14 weeks of mentorship, coaching and support. The 1864accelerator happens to be the very first of its kind, local fintech-focused startup accelerator program in Egypt that aims at enabling entrepreneurs transform their ideas into lucrative business solutions.
This program is looking for startups with any ideas related to financial services, including payments, digital banking solutions, machine learning, trading data analytic, insurance, cyber security, asset management, data analytic, lending, banking relationships, etc.
Startups can apply and fill out a form via the F6S portal. The application window will be open for 2 months, and the team will screen applicants for the next stage of selection.A local Fintech Hackathon will be organized, and will be a key event in introducing and promoting 1864’s first cycle.
8 weeks before the cycle, 60 to 80 of the best teams will be invited for a 30 to 60 minute interview. Based on the results 20 to 25 teams wil be selected to participate in a 5 day boot camp. This bootcamp is designed for each team to work on developing and testing their idea further and for the organizers to better understand their business in detail.
After the 5 day bootcamp, each team will present in front of a selection committee which consists of members from Barclays, Flat6Labs, and industry experts who will select the final ten teams who will be accepted into14 week programme.
The cycle will start right after the selection. Each accepted company will start with company registration. The 1864 Accelerator team will help the teams begin operating as a fully-fledged incorporated business by helping them with signing term papers, company registration etc. after teams are orientated, they can get access to mentors and begin training.
For more information, visit 1864accelerator.com