Dubai International Financial Centre launches $10m fintech fund
Dubai International Financial Centre (DIFC) has unveiled its $10 million fintech fund for start-ups in the Middle East and North Africa (MENA).
Wamda Capital and Middle East Venture Partners (MEVP) will manage it.
“We are looking forward to working closely with our partners at DIFC to develop a vibrant fintech ecosystem serving the needs of our wider region,” says Khaled Talhouni, partner at Wamda Capital. “This partnership to launch a dedicated fintech fund is the first step towards catalysing innovation in this sector.”
According to a study by Mena Research Partners (MRP), start-ups are expected to attract $2 billion in investments over the next decade. This compares to $150 million worth of private-funding investments in such start-ups over the past ten years, while the number of fintech companies across MENA will rise from 130 to 260, a rise of more than 50%.
Essa Kazim, governor at DIFC, adds: “The approximate size of the wealth and asset management industry in DIFC is now $424 billion. To put this in context, that is equivalent to roughly 30% of the combined GDP [gross domestic product] of all GCC countries.”
DIFC already offers its FinTech Hive at DIFC accelerator programme.
The 12-week programme is designed to help early and growth-stage firms accelerate product and business development by gaining exposure to financial institution executives.