Abu Dhabi’s entrepreneurship ecosystem, Flat6Labs, the MENA region’s seed-stage program and early-stage venture capital firm, and Wio Bank, the region’s first platform bank, have signed a Memorandum of Understanding (MoU).
Under the agreement, start-ups from Flat6Labs Ignite, a specialised seed program run by Flat6Labs in partnership with DisruptAD, will have the opportunity to take advantage of Wio’s innovative banking products and services under Wio Business, the bank’s first digital banking application, which is designed to provide a seamless experience tailored to the specific needs of start-ups and SMEs.
“There is potentially no other factor that more heavily decides the fate of a start-up than its ability to effectively manage its finances. These organisations need banking partners that have a start-up ethos — centred around agility, flexibility, and innovation,” said Ryaan Sharif, General Manager at Flat6Labs UAE. “Our long-standing expertise in empowering start-ups to establish themselves in the UAE and raise the funding they need to fuel their ambitions aligns perfectly with Wio Bank’s vision of not only providing world-class banking services but serving as a holistic banking management platform for the modern SME.”
Wio Bank has invested in establishing a team of high-qualified technology experts with a broad range of skills related to digital transformation and financial innovation. Under the agreement, Wio Bank will make these professionals available as subject-matter experts and mentors to Ignite program start-ups, thereby further strengthening the value-proposition of the program.
Prateek Vahie, Chief Commercial Officer of Wio Bank said, “Being a disruptor in the financial sector, we believe we have a critical role to play in supporting the start-up ecosystem and fostering entrepreneurship in the UAE. We are committed to ensuring that our SME customers find the most viable options for the support they need, be it through funding via traditional credits or loans, peer to peer lending, angel investments, or incubators. As we develop our offerings tailored to the SME sector, we will benefit from the insights and expertise of other major players in the ecosystem, such as Flat6Labs.”