UAE: Pakistan's first digital bank among startups to join Abu Dhabi's Hub71

The new cohort already raised more than Dh231 million in funding



by

Ashwani Kumar

Published: Wed 18 May 2022, 1:00 PM

Last updated: Wed 18 May 2022, 1:04 PM

Pakistan’s first digital bank is among the 16 new startups to join the growing community of Hub71 – Abu Dhabi’s global tech ecosystem.

By launching operations in Abu Dhabi, the new startup cohort, which has already raised more than Dh231 million in funding, will have the opportunity to develop advanced technologies and gain access to the market, investment, and talent provided by Hub71.

Badr Al-Olama, acting CEO of Hub71, said, “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.”

The accepted cohort includes early-stage startups across FinTech, HealthTech, EdTech and other sectors with diverse representation from leading international tech hubs, including the UK, the US and South Korea. Among the cohort is Pakistan’s first digital bank, TAG, UAE-based Trade Capital Partners – a platform that boosts access to working capital for startups and small to medium-sized enterprises in emerging markets and Zywa – the first neobank for teenagers in the Mena region.

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

Also accepted in the cohort is UAE-founded Letswork, an app that allows members to book workspaces and work remotely from hotels, cafes, co-working spaces and other unique venues, as well as Ostaz, which offers a private tutoring platform for students to accelerate academic progress.

“We believe in nurturing talent, and the entrepreneurs from this cohort seem eager and ready to unleash their potential,” Al-Olama added.

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Hub71 is Abu Dhabi’s largest community of startups and the new cohort will benefit from its accelerator programme, structured programmes to boost investment potential, and a new range of flexible incentives that allow founders to choose the level of support based on their startup needs.

Since its inception, Hub71’s startups have raised Dh1.5 billion of investment and landed deals worth Dh36 million through the tech ecosystem’s corporate partners while generating approximately Dh1.2 billion in revenue.


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