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The 1864 Accelerator

Constitutes the first local financial technology focused 'FinTech' startup accelerator program of its kind in Egypt.
The 1864 Accelerator
Leadership team

Ahmed Abuiliazeed (Founder)

Number of Employees
50 - 100
Headquarters
Gîza, Al Jizah, Egypt
Established
2016
Summary

The 1864 Accelerator is a startup accelerator program focused on financial technology (FinTech) based in Egypt. The accelerator is a partnership between Flat6Labs, a startup accelerator program, and Barclays Bank Egypt. The program provides entrepreneurs with mentorship, office space, business training, subject matter one-to-one sessions, and a range of perks and services from partners.

The 1864 Accelerator aims to foster innovation in the FinTech industry by providing a platform for entrepreneurs to transform their disruptive ideas into commercially viable solutions. The program welcomes ideas and startups across all business areas related to financial services, including but not limited to payments, digital banking solutions, lending, cyber security, data analytics, cryptocurrency, insurance, wealth management, asset management, and capital markets.

To be selected for the program, startups must meet certain investment criteria, including having a minimum viable product, a scalable business model, and a clear understanding of the market opportunity. Startups must also be based in the same city as the Flat6Labs program they are joining during the program period.

The 1864 Accelerator is guided by a set of values that include entrepreneurship, innovation, collaboration, diversity, and impact. The accelerator's mission is to enable and empower entrepreneurs to transform disruptive ideas into commercially viable solutions and to drive innovation and growth in the FinTech industry in Egypt.


History

The 1864 Accelerator is a startup accelerator program focused on financial technology (FinTech) based in Egypt. It was launched in 2018 and is the first of its kind in the country. The accelerator is powered by Flat6Labs, a regional startup accelerator, in partnership with Barclays Bank Egypt.

The name "1864" comes from the year when Barclays Bank was founded. The accelerator aims to foster innovation in the FinTech industry in Egypt by providing a platform for entrepreneurs to transform their ideas into commercially viable solutions. The program welcomes ideas and startups across all areas related to financial services, including payments, digital banking solutions, machine learning, lending, trading, cybersecurity, data analytics, cryptocurrency, insurance, wealth management, asset management, and capital markets.

The program runs for 14 weeks, during which selected startups receive mentorship, office space, entrepreneurship-focused business training, one-to-one subject matter sessions, and various perks and services from program partners. The program concludes with a Demo Day, where the startups pitch their products and services to potential investors.

The accelerator has had three cohorts since its launch in 2018, with a total of 26 startups graduating from the program. Some of the notable startups that have graduated from the accelerator include Fawry, a digital payments platform, and Shezlong, an online mental health platform.

The 1864 Accelerator has contributed significantly to the growth of the FinTech industry in Egypt, which has seen significant growth in recent years. The program has provided a platform for entrepreneurs to develop their ideas, access mentorship and funding, and ultimately, bring their solutions to market. The success of the accelerator has attracted the attention of other organizations, with several other FinTech-focused accelerator programs launching in Egypt in recent years.


Investment criteria

The 1864 Accelerator is focused on financial technology (FinTech) based in Egypt. The program aims to foster innovation in the FinTech industry by providing a platform for entrepreneurs to transform their ideas into commercially viable solutions. To be eligible for the accelerator program, startups must meet certain investment criteria. The investment criteria for the 1864 Accelerator program include the following:

  • Market Opportunity: The startup should be addressing a significant market opportunity in the financial services industry. The market opportunity should be well-defined, and the startup should have a clear understanding of its target audience.
  • Innovation: The startup should be leveraging innovative technology solutions or business models to address the identified market opportunity. The innovation should be scalable and have a competitive advantage in the market.
  • Team: The startup should have a strong team with relevant experience and expertise in the financial services industry. The team should be committed to the success of the startup and have a clear understanding of the market opportunity and the solution being developed.
  • Traction: The startup should have some level of traction, such as early customers, partnerships, or revenue. This demonstrates that the startup has validated its solution in the market and has the potential to scale.
  • Scalability: The startup should have the potential to scale and expand beyond its current market. The solution should be replicable in other markets and have a clear growth path.
  • Potential for Investment: The startup should have the potential to attract investment from venture capitalists or other investors. The investment should be used to further develop and scale the solution.

Startups that meet these investment criteria are eligible to apply for the 1864 Accelerator program. Once accepted into the program, startups receive mentorship, office space, entrepreneurship-focused business training, one-to-one subject matter sessions, and various perks and services from program partners. The program culminates with a Demo Day, where startups pitch their products and services to potential investors.


Values
  • Entrepreneurship: The accelerator is committed to promoting and nurturing entrepreneurship in the FinTech industry. It provides a platform for entrepreneurs to develop their ideas, access mentorship and funding, and ultimately, bring their solutions to market.
  • Innovation: The accelerator values innovation and encourages startups to leverage innovative technology solutions or business models to address market opportunities. The accelerator believes that innovation is essential to the growth and success of the FinTech industry.
  • Collaboration: The accelerator believes in the power of collaboration and works closely with partners, mentors, and investors to provide startups with the support they need to succeed. The accelerator also encourages collaboration among startups in the program, believing that a community of entrepreneurs can provide valuable insights and feedback to each other.
  • Diversity: The accelerator values diversity and believes that a diverse group of entrepreneurs can bring new perspectives and ideas to the FinTech industry. The accelerator welcomes startups from all backgrounds and encourages diversity in the teams that participate in the program.
  • Impact: The accelerator believes that startups have the potential to make a positive impact on society and the economy. The accelerator encourages startups to develop solutions that address social and environmental challenges, as well as market opportunities.
  • Transparency: The accelerator values transparency and is committed to providing startups with clear and honest feedback throughout the program. The accelerator also believes in transparency in its interactions with investors and partners, ensuring that all parties have a clear understanding of the program's goals and operations.

Mission

The program aims to foster innovation in the FinTech industry by providing a platform for entrepreneurs to transform their ideas into commercially viable solutions. The accelerator's mission statement is:

"To enable and empower entrepreneurs to transform disruptive ideas into commercially viable solutions, and to drive innovation and growth in the FinTech industry in Egypt."

The 1864 Accelerator's mission statement reflects its commitment to entrepreneurship, innovation, and growth in the FinTech industry. The accelerator recognizes the potential of startups to develop solutions that can have a significant impact on the financial services sector and the economy as a whole. By providing startups with mentorship, training, and funding, the accelerator aims to support the development of innovative solutions that can address market opportunities and challenges.

The mission statement also reflects the accelerator's focus on creating commercially viable solutions. The accelerator recognizes that successful startups need to not only develop innovative solutions but also have a clear understanding of the market opportunity and the potential for revenue growth. By providing startups with access to mentors, investors, and partners, the accelerator aims to support startups in developing solutions that can be scaled and have a competitive advantage in the market.


Portfolio

The 1864 Accelerator is a startup accelerator program focused on financial technology (FinTech) based in Egypt. The accelerator has a portfolio of startups that have participated in its program and received mentorship, funding, and other resources to develop and scale their innovative solutions. Here are a few examples of companies that are part of the 1864 Accelerator portfolio:

  • Paynas: Paynas is a mobile payment platform that enables merchants to accept payments from customers using their mobile phones. The platform provides a simple and secure payment solution that can be used by small and medium-sized businesses in Egypt.
  • Kashat: Kashat is a mobile lending platform that provides short-term loans to individuals in Egypt. The platform uses machine learning algorithms to analyze user data and determine creditworthiness, enabling users to access loans quickly and easily.
  • ElGameya: ElGameya is a digital platform that enables users to participate in traditional Egyptian savings groups, known as gameya. The platform provides a secure and convenient way for users to save money and access credit.
  • ExpandCart: ExpandCart is an e-commerce platform that enables small and medium-sized businesses to create and manage their online stores. The platform provides a range of features and tools that enable businesses to sell their products and services online and grow their customer base.
  • Hedzup: Hedzup is a digital insurance platform that provides customers with customized insurance solutions based on their needs and preferences. The platform uses machine learning algorithms to analyze customer data and provide personalized insurance recommendations.

These are just a few examples of the startups that are part of the 1864 Accelerator portfolio. The accelerator has supported a diverse range of companies that are developing innovative solutions in areas such as payments, lending, insurance, e-commerce, and more.


References
The 1864 Accelerator
Leadership team

Ahmed Abuiliazeed (Founder)

Number of Employees
50 - 100
Headquarters
Gîza, Al Jizah, Egypt
Established
2016