Fintech Galaxy, GIZ launch accelerator programme for startups in Egypt, Jordan
- UAE-based Fintech Galaxy has partnered with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) to launch a new cross-border accelerator programme "Yalla Xtech" for startups in Egypt and Jordan to help them with their business expansion into both markets.
- Over a two-month period, selected startups will be provided with mentoring, networking opportunities and other tools that will help them prepare effective expansion strategies and master their growth journey across country borders.
- The deadline for applications is October 21; the programme will officially launch on October 31.
Fintech Galaxy, the UAE-based open innovation platform, is teaming up with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) to launch a new accelerator program aimed at preparing Arab tech start-ups for cross-border expansion.
The Yalla Xtech program – which will initially focus on Egyptian and Jordanian tech start-ups – is aimed at supporting entrepreneurs and tech start-ups to grow beyond their borders, adding to the start-up ecosystems and especially to innovation, competition and employment efforts in the host countries towards the Sustainable Development Goals (SDGs). The program will help promote cross-border inclusion and knowledge sharing and provide start-ups with the necessary tools, resources, and network contacts to help them expand to Jordan or Egypt successfully.
Powered by Fintech Galaxy's cloud-based open innovation FinX22 platform, the program will also help speed up the financial inclusion of local communities and businesses in Egypt and Jordan. The FinX22 platform complies with the best international technical standards and will offer an open banking API sandbox that will enable tech start-ups in Egypt and Jordan to develop, test and deploy their apps.
During the two month Yalla Xtech accelerator program, selected start-ups will be provided with coaches, legal and regulatory guidance, networking opportunities and other tools that will help them prepare effective expansion strategies and master their growth journey across country borders.
Speaking about the launch of Yalla Xtech, Mirna Sleiman, Founder & CEO, Fintech Galaxy, said: “We are proud to team up with GIZ to be able to support entrepreneurs and start-ups across the ecosystems of Jordan and Egypt and their ability to expand across borders. The Yalla Xtech program highlights our commitment to creating a common regional digital space for better connectivity that helps speed up the process of digital transformation and moves the needle in financial inclusion through collaborative innovation.”
With a population of more than 100 million, Egypt’s entrepreneurship ecosystem is widely recognized as one of the most active and vibrant in the MENA region. For Jordanian start-ups, the size, proximity, and relatively cheap labor cost offered by the Egyptian market provides powerful incentives to consider expansion there. Jordan, on the other hand, is a small ecosystem and market when compared to Egypt, but offers significant advantages such as a highly educated and skilled workforce and proximity to the GCC, that are significant draws for Egyptian start-ups.
The accelerator is open to technology and tech-enabled start-ups that are based in Jordan or Egypt, have a genuine or competitive product or service offering in their home market, and ready to expand. They are more than welcome to submit their applications on Yalla Xtech’s online platform.
The deadline to apply is October 21, with the accelerator beginning on October 31. Pitch-offs will be held on November 15.