UAE: Pakistan’s first digital bank, Dh213 million funding welcomed as a member of Hub71

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UAE: Hub71 on Pakistan’s first digital bank as a member

Hub71, Abu Dhabi’s global digital hub, has welcomed 16 new startups to its growing community.

The new startup cohort, which has already collected over Dh231 million in funding, will be able to develop sophisticated technologies and have access to Hub71’s market, investment, and talent by establishing offices in Abu Dhabi.

“Our first cohort of the year reflects our ambition of matching our pace with that of global tech startups that have the highest growth potential.” said Badr Al-Olama, acting CEO of Hub71.

The approved cohort includes early-stage entrepreneurs from a variety of industries, including FinTech, HealthTech, EdTech, and others, with participation from prominent international tech hubs such as the UK, US, and South Korea. TAG, Pakistan’s first digital bank, Trade Capital Partners, a platform that improves access to working capital for startups and small to medium-sized firms in emerging countries, and Zywa, the Mena region’s first neobank, are among the group.

“What makes Hub71 so different is our founder-centric approach that emphasizes building leaders and teams to sustain exponential growth for startups,” claimed Al-Olama.

Letswork, a UAE-based software that allows members to rent workspaces and work remotely from hotels, cafes, co-working spaces, and other interesting venues, and Ostaz, a private tutoring platform for students to improve academic development, have both been accepted into the cohort.

Al-Olama claimed that they believe in nurturing talent, and the entrepreneurs from the cohort “seem eager and ready to unleash their potential.”

Hub71 is Abu Dhabi’s largest startup community, and the new cohort will benefit from its accelerator program, structured programs to improve investment potential, and a new set of customizable incentives that allow entrepreneurs to choose the level of support that best suits their needs.

Hub71’s companies have received Dh1.5 billion in funding and secured Dh36 million in deals through the innovation ecosystem’s corporate partners, earning over Dh1.2 billion in income since its establishment. KMB/Expat Media


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