Dubai: Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region has announced that Startupbootcamp, one of the world’s most active global industry-focused startup accelerators and investors has established its regional headquarters at DIFC.
The establishment of the new regional offices for Startupbootcamp further cements the long-standing partnership between the accelerator launched by Rainmaking in the Middle East and the DIFC. Startupbootcamp FinTech Dubai was launched in 2018 in partnership with DIFC, VISA, Mashreq and HSBC and to date has successfully graduated 20 FinTech start-ups in the fields of payments, lending and Islamic digital banking.
Startupbootcamp is part of Rainmaking, one of the world’s leading corporate innovation and venture development firms with 12 offices globally, including major tech hubs such as London, Copenhagen, Dubai, Singapore and New York.
DIFC and Startupbootcamp Dubai facilitate an annual intensive three-month growth programme to support the business growth of start-ups and prepare them for operations and future scaling. Start-ups also benefit from mentorship and easy access to comprehensive resources, insights, technology and world-leading expertise to secure proof-of-concepts to validate their business models.
Over the last three years, FinTech has become a rapidly growing focus, supporting Dubai’s position as the leading global financial hub in the MEASA. Today there are over 200 FinTech companies based out of the DIFC, which is over 50% of all FinTech in the GCC. The first half of 2020 saw DIFC FinTech Hive triple in size with the opening of a larger space in Gate Avenue supporting start-ups, scale-ups and entrepreneurs. The expanded space further enhances DIFC’s dynamic ecosystem, providing businesses with access to funding as well as mentorship, knowledge sharing and collaboration with leading global financial institutions.
Three re-occurring programmes now take place within the Centre, supporting start-ups at various stages of their growth journey. These include the original DIFC FinTech Accelerator programme, FinTech Hive Scale Up and Startupbootcamp scheme.
The growth in the FinTech sector has further enhanced the Centre’s reputation as one of the world’s most advanced financial centres and reinforces Dubai’s position as a top international Financial Innovation Lab, as listed by Global Finance.
Arif Amiri, Chief Executive Officer of DIFC Authority, said: “After years of steadfast growth and development in FinTech, we are delighted to welcome Startupbootcamp’s headquarters to our Centre. The DIFC’s robust ecosystem of unique infrastructure, expertise in multiple fields, and access to the international community of the world’s leading financial institutions offers stellar opportunities for new and existing start-up FinTech firms both in the region and globally to elevate and grow their businesses.”
“Our strategic partnership with Startupbootcamp strengthens our commitment to shaping the future of finance and supporting Dubai’s position as the leading global financial hub in the Middle East, Africa and South Asia region through developing successful and innovative FinTech start-ups in the DIFC,” added Amiri.
Lars Buch, CEO Rainmaking MENA & Russia, said: “We decided to move Rainmaking MENA’s headquarter in DIFC to give new impulse to our common commitment to drive innovation in the UAE and support the growth of promising tech companies from different industries. Since 2017, Rainmaking and DIFC have been partnering to attract the best FinTech startups from around the globe, and we’re now working on launching together new and ambitious innovation programs that will generate a huge impact in the UAE.”
“Although the post-COVID era will push the world towards an increasingly virtual dimension, we will still need a physical hub where businesses can meet, exchange knowledge and develop together new opportunities. And DIFC is just the best place to make this happen,” added Buch.