Flat6Labs, Wio Bank ink MoU to enhance SME-centric banking services in Abu Dhabi

Flat6Labs, the seed-stage programme and early-stage venture capital firm, and Wio Bank, have signed a Memorandum of Understanding (MoU) to enhance banking services for startups in Abu Dhabi.

Startups from Flat6Labs Ignite, a specialised seed programme run by Flat6Labs in a partnership with DisruptAD, will benefit from Wio’s innovative banking products and services under Wio Business, the bank’s digital banking application tailored to meet the specific needs of startups and SMEs.

“There is potentially no other factor that more heavily decides the fate of a startup than its ability to effectively manage its finances. These organisations need banking partners that have a startup ethos — centred around agility, flexibility, and innovation,” said Ryaan Sharif, the GM at Flat6Labs UAE.

“Our long-standing expertise in empowering startups to establish themselves in the UAE and raise the funding they need to fuel their ambitions aligns perfectly with Wio Bank’s vision of not only providing world-class banking services, but serving as a holistic banking management platform for the modern SME,” he added.

Flat6Labs is set to support up to 60 startups in Abu Dhabi by 2024, with 27 disruptive organisations already having successfully invested in the three cycles that have already concluded. By partnering with Wio Bank, Flat6Labs has ensured that startups selected for this programme will benefit from Wio Business’ prioritised processing of account opening applications, as well as around-the-clock access to dedicated support services.

“This is especially beneficial to the startups we attract from international markets as it enables them to seamless transition into establishing their headquarters in Abu Dhabi without any disruption to financial operations,” said Sharif.

Wio Bank will also provide subject matter experts and mentors to Ignite programme startups.

Prateek Vahie, chief commercial officer of Wio Bank said, “Being a disruptor in the financial sector, we believe we have a critical role to play in supporting the startup ecosystem and fostering entrepreneurship in the UAE. We are committed to ensuring that our SME customers find the most viable options for the support they need, be it through funding via traditional credits or loans, peer to peer lending, angel investments, or incubators. As we develop our offerings tailored to the SME sector, we will benefit from the insights and expertise of other major players in the ecosystem, such as Flat6Labs.”

In November 2022, Wio Bank, Abu Dhabi Islamic Bank (ADIB) and RAKBANK partnered with Abu Dhabi Global Market (ADGM) to support small and medium-sized enterprises (SMEs) in Abu Dhabi with access to key financial services.

Read: Abu Dhabi Global Market partners with ADIB, Wio Bank, RAKBANK to support SMEs