After a series of successful collaborations across the region, Changelabs and Arab Bank’s AB Xelerate joined forces once more to launch the ABX Egypt Fintech Startup Bootcamp – a 3-day intensive training program designed to accelerate Egypt’s most promising FinTech startups addressing financial inclusion and the needs of the underbanked.
While Egyptian founders continue to launch new financial technology companies following successes like MNT HALAN and Fawry, a large proportion of the Egyptian population still lacks access to basic financial services. This presents a real and sizable market opportunity, particularly for banks, to leverage novel technologies provided by startups to address this important customer segment.
“Since launching our new corporate offering, we’ve seen tremendous interest from Egypt’s top companies to build relationships with startups and SMEs, though they often struggle to find the right formula. Our partnership with AB Xelerate is twofold: fast-track Egyptian FinTech founders solving real challenges for underserved communities on one end, and help build value-added partnerships between banks and innovative startups on the other,” said Karim Samra, Managing Director at Changelabs.
After a successful call to applications and robust screening process, the 10 top founders were invited to Arab Bank’s New Cairo headquarters for workshops with leading experts, fireside chats with corporate leaders and investors, speed networking with potential customers, a Changelabs ‘Pitch Hack’, and an opportunity to pitch to angel and VC investors. The winners received EGP 300,00 in equity-free funding.
“Arab Bank is committed to supporting Egyptian innovation and Egypt’s startup founders while improving access to banking products and services to the nation’s underbanked, and this is why we launched AB Xelerate. We’re excited to collaborate with Changelabs to explore solutions and startups that can reshape the future of financial services in the MENA region,” said Hala Zahran, Head of Arab Bank’s AB Xelerate.
The Changelabs x Arab Bank Egypt Startup Bootcamp marks another milestone in supporting entrepreneurship and innovation in the region, reinforcing Changelabs continuous mission of connecting corporates with startups, positioning Egypt as a growing hub for FinTech innovation.
About Changelabs
Changelabs is dedicated to enabling the Middle East & Africa’s innovation ecosystem, with an impact lens. Our services include Strategy + Execution. We work with corporations, governments, DFIs, VC Funds, and founders/ entrepreneurs. Operating since 2017, Changelabs has successfully delivered dozens of accelerators, incubators, bootcamps, training programs and events across Egypt, Jordan, Lebanon, Africa, and the Middle East. Former clients have included CIB, RAYA, Misr Insurance, Blom Bank, FMO, GIZ, the World Bank, Allianz, SDC, and many more.