Wio Bank and Flat6Labs to Coordinate SME-Focused Banking Services

Wio Bank and Flat6Labs to Coordinate SME-Focused Banking Services
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Flat6Labs, the region’s seed-stage program and early-stage venture capital firm, and Wio Bank, the first platform bank in the area, have joined forces and signed a Memorandum of Understanding (MoU) to strengthen Abu Dhabi’s entrepreneurial ecosystem.

As a result of this agreement, Flat6Labs Ignite start-ups, run by Flat6Labs in partnership with DisruptAD, will be able to take advantage of Wio’s innovative banking services and products under Wio Business, its first digital banking application, which provides start-ups and SMEs with a seamless experience tailored to their specific needs.

Ryaan Sharif, General Manager at Flat6Labs UAE, said, “There is potentially no other factor that more heavily decides the fate of a start-up than its ability to effectively manage its finances. These organizations need banking partners that have a start-up ethos — centred around agility, flexibility, and innovation. Our long-standing expertise in empowering start-ups to establish themselves in the UAE and raise the funding they need to fuel their ambitions aligns perfectly with Wio Bank’s vision of not only providing world-class banking services but serving as a holistic banking management platform for the modern SME.”

As part of its digital transformation initiative, Wio Bank has invested in building a team of high-qualified technology experts with a variety of financial innovation and digital transformation skills. As part of the agreement, Wio Bank will provide these professionals as subject-matter experts and mentors to start-ups in the Ignite program, further enhancing its value proposition.

Prateek Vahie, Chief Commercial Officer of Wio Bank said, “Being a disruptor in the financial sector, we believe we have a critical role to play in supporting the start-up ecosystem and fostering entrepreneurship in the UAE. We are committed to ensuring that our SME customers find the most viable options for the support they need, be it through funding via traditional credits or loans, peer to peer lending, angel investments, or incubators. As we develop our offerings tailored to the SME sector, we will benefit from the insights and expertise of other major players in the ecosystem, such as Flat6Labs.”

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