SA, Egyptian startups selected for Startupbootcamp FinTech Dubai 2020 cohort

South Africa’s SnapSlip and Egypt’s Fawaterak have been selected along with eight other startups for Startupbootcamp FinTech Dubai‘s 2020 cohort.

The accelerator, which launched its first cohort in 2018, is backed by the Dubai International Financial Centre (DIFC) HSBC, Visa and Mashreq Bank.

The accelerator told Ventureburn in a statement today that it received more than 450 applications for its 2020 programme which kicked off last week.

Startupbootcamp FinTech Dubai’s 2020 cohort kicked off last week

SnapSlip is an application that allows users to record and analyse receipts for such purposes as expense claims. The startup, which was founded in 2017 by Lynton Naicker, was part of Startupbootcamp AfriTech‘s third cohort (see this story).

Cairo-based Fawaterak is an online invoicing and payment platform that was founded in 2018 by Waleed Elroby.

The other eight startups in the cohort include Coil Pay (US), Datacultr (India), DD-Ready (Finland), Epension (UAE), Lending Star (Singapore), Marta (Uzbekistan), Tayyab (Kazakhstan) and Trade Quant (Lebanon).

Startupbootcamp FinTech Dubai managing director Khaled Lababidi said the accelerator’s second cohort attracted some of the world’s most prominent fintech startups in the fields of payments, lending, Islamic digital banking and employer gratuity management, among others.

“The 10 teams will go through an intensive three-month acceleration programme, in the heart of the DIFC and will work with top-notch mentors and corporate partners to secure proof-of-concepts to validate their business models,” added Lababidi.

Startupbootcamp MENA marketing and operations manager Sarah Shokr explained in an email to Ventureburn today that the cohort will undergo an extensive application process that will support their growth in the local market.

Shokr added that the startups will work directly with DIFC, HSBC, Visa and Mashreq Bank to develop proof of concepts and raise funds from regional venture capitalists.

Feature image: Dubai skyline (knt via Unsplash)