Trust Stamp has officially entered the Dubai International Financial Centre (DIFC) FinTech Hive Accelerator Programme. The Accelerator kicked off at the end of August, and will run for a 14-week period that builds to a demo day that will take place at the end of November.
Trust Stamp is hoping that the Accelerator will improve its standing in the Middle East. The FinTech Hive Program is billed as the largest accelerator in the Middle East, Africa and South Asia (MEASA) region, while the DIFC itself is a major operating hub for FinTech activity in the area. The Centre has ties to major partners like IBM and Microsoft, and more than half of all FinTech businesses in the Middle East and North Africa use the facility in some capacity.
The 2020 cohort is the fourth to enter the Hive Accelerator, and was selected from a pool of 620 applicants from around the world. Trust Stamp was one of only 17 companies chosen to participate in the program.
“The Hive programme has a proven track record guiding growth-stage companies as they lead financial services innovation while navigating a complex global regulatory environment,” said Trust Stamp President Andrew Gowasack. “We look forward to continuing the momentum Trust Stamp has seen in the past year with the support, expertise and industry influence of the DIFC FinTech Hive.”
The Hive program is not Trust Stamp’s first accelerator, or even its first accelerator in the Middle East. The company was a member of the inaugural cohort of the Fintech MENA, Plug and Play ADGM accelerator back in 2018. It also participated in Mastercard’s Start Path accelerator in that same year, and entered the OnRamp Insurance Accelerator in May.
The Start Path accelerator eventually led to a more substantial strategic investment from Mastercard, while the OnRamp accelerator came with a $100,000 contribution to Trust Stamp’s $6.5 million Series A campaign.