Qatar FinTech Hub’s (QFTH) incubator and accelerator programmes were introduced to promote and support early-stage and mature FinTech start-ups and are on track to become financially self-sustainable. The recent launch has been hugely successful and has attracted national and international talent with over 750 applications from 72 countries.
The QFTH which was stablished in calibration with the Qatar FinTech Strategy and under the direction of the Qatar Central Bank (QCB). The QFTH has already entered into 32 national and international partnerships in line with the aim and intention to become an international epicentre and the regional hub for FinTech.
The QFTH has received commitments of QAR 7.75m (USD 2.43m) in terms of sponsorships and QAR 9.3m (USD2.57m) in terms of equity. This has resulted in the near self-sustainability of the programme for the next two years.
It is relevant to point out that the 23 FinTechs in the QFTH are already advanced and have a total valuation of QAR 1.8bn (USD 500m) and have raised about USD 365m (USD 100m) in financing or funding. All of them already have their minimum viable product (MVP) in place and are ready to launch and go to the market.
The programmes are there to help them to become revenue positive organisations. Funding was fine, talent is fine, but the businesses or projects will only survive by generating revenues.
Qatar is establishing itself as a key FinTech destination in the region where there is a lot of competition.