Cairo, Egypt, April 7, 2019—IFC,
a member of the World Bank Group, today launched a program to support the
development of Egypt’s fintech space that will help startups extend crucial
financial services, part of IFC’s efforts to support innovation and entrepreneurship
The two-year program will help two private
sector fintech-focused accelerators improve their offering to startups
in areas like mentorship, business development and technical training,
to help them attract funding from investors. It will be jointly implemented
with Pride Capital/Startup Bootcamp, Egypt’s first international venture
capital fund focused on financial technology, and the AUC Venture Lab,
which is housed at the American University in Cairo and is Egypt’s first
university-based incubator. Both accelerators possess extensive experience
in the financial technology, or fintech, space.
“Through this newly established partnership
with IFC, the Startupbootcamp Pride FinTech Cairo program is creating a
top-notch pipeline of startups. It is giving entrepreneurs access to unparalleled
expertise and a network of industry professionals. Our work has helped
drive innovation in areas like microfinance, payments, person-to-person
lending, consumer banking, and identity authentication, demonstrating the
impact that can be achieved by supporting Egyptian entrepreneurs,” said
Rami El Dokany, Chief Executive Officer of Pride Capital.
"Over the past three years, AUC
Venture Lab has accelerated 23 early-stage startups working in the area
of financial technologies through its FinTech Accelerator Program,” said
Dr. Sherif Kamel. Dean of AUC School of Business “This new partnership
between the School of Business and IFC will help us extend our support
to more innovative startups in this rapidly evolving industry, and to maximize
our impact on the Egyptian economy towards broader financial inclusion."
Fintech has the potential to reshape
the banking industry and is growing rapidly in light of the Government’s
commitment to financial inclusion. There are around 45 active fintech startups
in Egypt and the number is expected to increase. This is considered
important in a country where only 32 percent of those aged 21-plus have
a bank account. Innovative solutions like mobile payments and online banking
can provide easy and affordable access to financial services. By supporting
innovative fintech startups, the program aspires to support IFC’s efforts
in expanding financial inclusion across the country.
“With the right support, entrepreneurs
can create much-needed jobs and develop technology that makes life better
for people across the country,” said Walid Labadi, IFC Country Manager
for Egypt, Libya and Yemen. “This program will help unlock the potential
of young entrepreneurs and lay the foundation for an ecosystem that supports
innovation in the financial services industry.”
The program will also complement World
Bank Group’s ongoing efforts to enhance and improve the enabling environment
for digital finance to support the growth of the fintech startups in Egypt.
It is supported by IFC’s development partners; Germany’s Kreditanstalt
für Wiederaufbau (KfW); Norway’s Ministry of Foreign Affairs; and the
Netherlands’ Ministry for Foreign Trade and Development Cooperation.
About Pride Capital
Pride Capital is Egypt’s first venture
capital and early-stage fund focused only on financial technology. Established
in early 2017 as a joint collaboration of reputable partners in the financial
services (Pharos Holding) and technology industries (Kamelizer), Pride
Capital’s mission is to invest in startups, from Egypt and Africa, that
provide effective and convenient access to financial services.
Founded in 2010, Startupbootcamp is
the world's largest global network of multi-corporate backed innovation
programs with 22 programs in key location hubs including Amsterdam, Berlin,
San Francisco, London, New York, Mexico City, Cape Town, Melbourne, Dubai,
Cairo, and Singapore and a mentor and alumni network in more than 30 countries.
Startupbootcamp has a track record of more than 700 startups accelerated
around the world who raised half a billion euro in investment and over
200 corporate partners and almost 3,000 jobs created. For more information
About AUC Venture Lab
The AUC Venture Lab is housed under
the Centre of Entrepreneurship and Innovation under the AUC School of Business.
The Center was established with a mandate to support the growth of entrepreneurship.
Launched in 2013, AUC V Lab is Egypt's first university-based incubator
and accelerator, with a strong outreach within the start-up and funding
ecosystems, with substantial access to local mentorship networks and financial
IFC, a sister organization of the World
Bank and member of the World Bank Group, is the largest global development
institution focused on the private sector in emerging markets. We work
with more than 2,000 businesses worldwide, using our capital, expertise,
and influence to create markets and opportunities in the toughest areas
of the world. In fiscal year 2018, we delivered more than $23 billion in
long-term financing for developing countries, leveraging the power of the
private sector to end extreme poverty and boost shared prosperity. For
more information, visit www.ifc.org