Investments worth $9.25m committed to start-ups at Dubai FinTech Summit

Dubai: The Grand Finale of the FinTech World Cup (FWC) hosted by Trescon in partnership with Dubai FinTech Summit (DFS), VISA, Emirates NBD & Amazon Web Services (AWS), witnessed committed investments totalling worth over $9.25 million by various investors, organisers said in a media release.

In an intense showdown, 15 qualified start-ups from around the world - Audax, Xaults Technologies, Monak E-Services, YABX, ALTPAYNET, APPRO, Libeara, Letbloom, Myzoi, Vault22, Lordsystem, MOIN, Alphastream.ai, Validus, and Namara – pitched at the FWC Grand Finale to a room full of global investors during the 2nd day of DFS.

According to them, APPRO emerged as the Winner of FWC and secured on the spot investment commitment of $500,000, while other startups like Finix196 received commitment of $5 million by Dhruv Management, Motive Partners committed $3 million to Alpha Stream and Validus got commitment of $750,000 by Aum Ventures.

Mohammed Saleem, Founder and Chairman of Trescon, stated, “We were thrilled to host the Grand Finale of our FinTech World Cup at the Dubai FinTech Summit. By joining forces, we created an unparalleled platform for FinTech innovation, providing participants with access to Trescon’s international reach, a regulatory environment that fosters growth and most importantly access to much needed capital. As an FWC Jury Member & a fellow investor, I commit to investing in some of these start-ups too to walk the talk, including the $500,000 for FWC Grand Finale Winner Appro.”

Naveen Bharadwaj, Group CEO of Trescon, said, “The FinTech World Cup is an opportunity to solve real-world challenges through collaboration and capital. In addition to the investments totalling worth $9.25 million that were announced, I’m happy to share that the winner & first two runner ups will also gain access to mentorship by the esteemed jury, Trescon Credits & Amazon credits - enhancing their resources for growth and development, global brand exposure, industry recognition and a path to success through strategic synergies and partnerships. We are committed to shaping an ecosystem that not only celebrates FinTech excellence but also propels the industry forward.”

The FWC jury was comprised of distinguished professionals from various sectors of the FinTech industry, including Nasir Zubairi, CEO at The LHoFT Foundation; Hugo Bongers, Partner at Motive Ventures; Sara Tabana, Senior Director of FinTech Innovation Strategy at Visa; Melissa Cannon Guzy, Co-Founder and Managing Partner at Arbor Ventures; Mohammed Saleem, Founder and Chairman of Trescon; Chetan Mehta, Founding Partner at AUM Ventures; Rana Abdel Latif, Partner at Speedinvest; Nacira Alioua, Head of FinTech Engagement at Emirates NBD; and Tunc Ozgul, Head of Startup and VC Ecosystem at Amazon Web Services.

The 2nd edition of the Dubai FinTech Summit was supported by global corporate partners, including Founding Partners VISA, Emirates NBD (ENBD), Etisalat & (E&) and Commercial Bank of Dubai (CBD).