DenariiCash, a Fintech Blockchain startup announced on twitter that they have been chosen to be part of inaugural batch of the 500startupsMENA and Misk500 accelerator Program in Riyadh KSA. The program brings the best of the 500 Startups flagship Silicon Valley seed accelerator program to the MENA region in partnership with Misk to provide a 4-month curriculum for pre-seed and seed stage startups looking to perfect their product-market-fit and prepare for seed-stage venture capital funding. The program began on January 27th and will conclude with an investor demo day on May 13th.
This first cohort consists of 19 innovative startups from 6 countries across the Middle East and North Africa. Representing 10 nationalities overall, an impressive 42% of the companies are homegrown talent from Saudi Arabia, while the remaining companies hail from Algeria, Egypt, Kuwait, Palestine and the United Arab Emirates.
“We are extremely pleased with the quality of applicants we received for the inaugural cohort.” said Sharif El-Badawi, Managing Partner of 500 Startups’ MENA fund. “From a pool of nearly 500 applicants, approximately 23% received phone or in-person interviews, before we made the difficult decision to invest in the top 21 promising companies, representing a less than 5% acceptance rate.”
Supporting the program as a strategic partner is The General Authority of Small & Medium enterprises “Monshaat”. “At SMEA (Monshaat) we are committed to prepare, implement and support programs and projects to promote the culture and mindset of entrepreneurship, entrepreneurial spirit, and innovation. We provide administrative and technical support to enterprises and support them in developing their administrative, marketing, human resources and technical and financial capabilities and others.” said Essam bin Saleh Al Dhokair, “Monshaat’s” Vice Governor of Entrepreneurship. Almosafer, the Saudi-based online travel platform that caters to the discerned needs of Arab travelers with a simple-to-use website and mobile applications, has also signed on to support the accelerator as a travel partner.
Jon Edward Santillan CEO and Founder of DenariiCash a resident of Dubai, Philippine in nationality is proposing to solve the financial inclusion problem by developing a decentralized multi crypto currency wallet. He launched the company last year in Philippines through Dubai based searchfuse Marketing Management.
Using NEM Blockchain platform DenariiCash allows users to send, receive, manage withdraw cryptocurrency, fiat and at the same time choose the best financial service provider and their offering. It also enables individuals and business to dispense money in return of an extra income in the form of fiat, cryptocurrency and token as a reward that can be traded in the secondary market and finally it empowers and incentivizes developers to connect on top of the denarii cash wallet by interlinking third-party financial decentralize application making interoperability between them.