Flat6Labs, Wio Bank sign MoU to promote SME-centric banking services in Abu Dhabi
Startups from Flat6Labs will have access to the banking products and services offered by Wio Bank.
Early-stage venture capital firm and Wio Bank have signed a memorandum of understanding to strengthen the entrepreneurship ecosystem in Abu Dhabi.
Startups from Flat6Labs Ignite, a specialised seed programme run by Flat6Labs in partnership with DisruptAD, will have the opportunity to use Wio's banking products and services under Wio Business—the bank’s digital banking application for meeting specific needs of startups and SMEs, according to a statement on Zawya.
Benefits of the programme
The flagship seed programme will support up to 60 startups in Abu Dhabi by 2024; 27 organisations have successfully invested in the three cycles that recently concluded.
By partnering with Wio Bank, Flat6Labs has ensured that startups selected for the programme enjoy Wio Business’ prioritised processing of account opening applications, as well as around-the-clock access to dedicated support services, said the statement. This will help startups attract interest from international markets, enabling them to seamlessly establish headquarters in Abu Dhabi, without disrupting their financial operations.
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Wio Bank's team of technology experts would be available as subject-matter experts and mentors to the startups.
The Wio Business app strives to provide startups, freelancers, and SMEs seamless access to banking services, streamline business banking services, and integrate payment information and services, thus enabling businesses to manage everything in one place, said the statement.
Edited by Akanksha Sarma
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