Manama, Under the patronage of His Excellency Shaikh Mohammed Bin Essa Al Khalifa, Chairman of Tamkeen, C5 Accelerate held its fourth Cloud10 Scalerator program Pitch Day, yesterday, Wednesday, March 28 during the annual EPay Summit: Electronic Payments and Online Banking Conference.
The Cloud10 Pitch Day marked the completion of the fourth intake of the program, focused specifically on fintech to align with and support Bahrain’s aspirations of becoming a regional fintech hub and industry leader.
The cohort included five local and international innovative tech-enabled financial services startups that are using the Amazon Web Services (AWS) cloud to scale their technologies in Middleware Vendor management, e-payments, and WealthTech. The founders of the companies who come from Bahrain, UAE, Azerbaijan, UK, US, Singapore and Hong Kong, presented their growth plans to local, regional, and international potential partners and investors.
The eight-week program provides extensive support across a variety of business areas such as commercialization, venture funding, and operations, equipping the businesses with the competence to innovate and scale through a robust international mentorship network. The fintech program included an operative layer of mentorship explicitly focused on the financial space in Bahrain and the region; it also included a series of high-level introductions to banks across the country to help further accelerate client acquisition for the startups.
C5 Accelerate also partnered with Bahrain FinTech Bay late last year to cooperate on programming and projects that will support the development of Bahrain’s fintech ecosystem and provide Cloud10 startups the opportunity to validate their proof of concept.
The Cloud10 Scalerator, which launched in Bahrain in 2016, is a partnership between C5 Accelerate, AWS, the Bahrain Economic Development Board (EDB), and the Labour Fund (Tamkeen). It provides participants with bespoke business coaching, in addition to a bundle of resources for start-ups, including AWS credits and professional services, training, in-person technical support, and a community forum. It facilitates the adoption of cloud technology’s unique improvements beyond traditional IT infrastructure to provide the scale and agility at a low-cost to help them grow.
The Cloud10 program focuses on cloud innovation and transformative technologies to meet the growth opportunity being created by the geographic expansion of AWS, the world’s leading cloud computing platform.
Qusay Alarayedh, Chief Operating Officer at Tamkeen said “We are proud to be part of the set-up of this great Bahraini accelerator. It gives Tamkeen great satisfaction to see this cohort graduating from the program and ready to pitch their ideas. Tamkeen is committed to support entrepreneurs and startups but most importantly to play a role in fostering innovation and therefore strengthening the ecosystem”
Hadyah Fathalla, Executive Director of C5 Accelerate in Bahrain said: “Fintech holds great promise for Bahrain, whose financial sector has traditionally been a cornerstone of its economy. Cloud10 has been successful in attracting international innovative talent into Bahrain, helping them both incorporate and transfer and retain talent and expertise in the Kingdom. This can be key for creating a fintech industry in Bahrain where talent and expertise in such new fields is a real challenge. Collaborating with the CBB, EDB, and our partnership with Bahrain FinTech Bay is a great opportunity to combine our experience and expertise and multiply our efforts to make Bahrain an attractive destination for innovative fintech companies”
The Cloud10 Pitch Day follows the third graduation of C5’s sister accelerator in Washington, D.C., the PeaceTech Accelerator, which is one of the first international programs using cloud innovation to grow companies and non-profits that are using technology to reduce conflict and build peace. Both accelerators are part of a larger C5 plan to create 300 technology champions over by the end of 2020 by developing a Cloud Accelerator Cluster in Europe, the Middle East, Africa and the United States, alongside AWS.