How 24 Fintech is helping regional startups take off

One of the key highlights of the upcoming 24 Fintech event — which is taking place from September 3-5 in Riyadh, Saudi Arabia — will be its focus on startups.

The event is expected to attract 26,000 attendees, 300 exhibitors, 200 investors, and host up to 175 hours of expert-led content. But up to 80 start-ups are also expected to attend the event.

And it will further offer a dedicated zone for startups, featuring a well-funded pitch competition and mentorship programmes. The startup zone will spotlight 80 of the top global fintech companies across all major verticals, including payments, lending, insurtech, regtech, capital markets, compliance, and open banking

“By nurturing a vibrant startup ecosystem, 24 Fintech can play a vital role in shaping the future of fintech in the region,” Annabelle Mander, senior vice president at Tahaluf (one of the organising partners of 24 Fintech), told Gulf Business.

Aspiring startups will benefit from tailored mentorship and matchmaking sessions, along with the 24 Fintech Forge Pitch competition.

Top startups will have the opportunity to compete in timed pitch heats, culminating in a grand finale with over $250,000 in equity-free awards. This initiative aims to create a launchpad for young companies, particularly those developing homegrown solutions tailored to the specific needs of the Saudi and GCC markets.

Applications are now closed, but here is more information about what to expect.

Eligibility Criteria:

• Less than $10m in revenue
• Raised less than $3m in funding
• Fewer than 25 team members
• Been active for fewer than 5 years
• Legally registered and compliant with all relevant regulations and laws in their respective jurisdictions
• The product or service must be within the fintech sector

Fintech Forge Pitch Competition

• 24 Fintech will award a substantial prize of $50,000 to each of the four finalists.
• A panel of judges will select 24 exhibiting startups.
• These startups will then present 4-minute pitches of their innovative ideas to a live audience and the judging panel.
• Each pitch will be followed by a brief 2-minute Q&A session, allowing the judges to delve deeper into the startups’ plans.
• After all the pitches are completed, the judges will review the insights from the initial round, with 12 startups being selected to compete for the final four awards.

The four awards that these 12 startups will compete for are:

24F Award

The pinnacle award for the most outstanding fintech startup. This honour is given to the company that not only drives fintech innovation forward but also exemplifies excellence in governance, risk management, and policy compliance. The winning startup demonstrates a pioneering spirit, blending groundbreaking ideas with robust governance frameworks to set new industry standards.

The Most Innovative

This award celebrates the fintech startup that stands at the forefront of innovation, introducing groundbreaking ideas and transformative technologies. It recognises a company that not only sets trends but also propels the industry forward with creativity, ingenuity, and a commitment to global interoperability.

The Fast Traction Award

For the startup under 18 months old that has raised less than $2 million and achieved rapid traction and significant market presence shortly after launch. This award recognises exceptional speed and effectiveness in business execution, as well as the importance of forming valuable alliances and securing investments that drive growth.

Fintech for Good Award

This award honours the startup that has made the most significant positive impact on society. It recognises companies that leverage financial technology to address social challenges, promote financial inclusion, and contribute to sustainable development, while prioritising ethical standards and responsible governance.

To learn more about 24 Fintech, you can visit www.24fintech.com.