Scale-up program to launch at UKLTH. Venture building accelerator program launched, Beirut Innovation Week confirmed

The UK Lebanon Tech Hub (UKLTH) will launch a scale-up program in September. The program will follow on from the venture accelerator program, The Nucleus, which was launched last week. Dimitri Papadimitriou, Acting Director of UKLTH, said the scale-up program is unconnected to The Nucleus.

"The scale-up program is still a work in progress. We are currently working on the program's branding aspects. Details of the program will be publically announced in the coming months," he said.
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Local fintech startups among top four countries regionally. Emerging sector showing positive signs

Lebanon is one of four countries in the Middle East and North Africa (MENA) that when combined account for almost 75 percent of all fintech startups launched in 12 countries regionally, according to the recently published report: State of Fintech, by WRL and PayFort. The other three countries are the UAE, Jordan, and Egypt.

The report revealed that 105 fintech startups had launched in the region by the start of 2016. This is expected to reach 250 by 2020.

Jad Salame, Managing Par...

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Bank Audi sells cards unit to M1 Group. Deal estimated at $185 million

Bank Audi has sold its electronic payment and card services business to M1 Financial Technologies, a subsidiary of M1 Group. M1 will operate the business via Areeba SAL.

The value of the deal is $185 million, but is subject to adjustment of up to $35 million. The deal includes acquiring the team, equipment, machines, and all points of sale. The completion of the deal is waiting for the final approval from the Central Bank, as well as the relevant service providers, including MasterCard an...

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$3 billion bonds issued to repay maturing debts. Oversubscribed six times

The Ministry of Finance (MoF) issued U.S. dollar denominated bonds worth $3 billion to repay foreign currency debt maturing throughout the year. The original objective was to raise $1.5 billion.

The bonds were divided into three tranches with maturities set at ten, 15, and 20 years

The issue was managed by four banks: Barclays, Byblos Bank, Societe Generale de Banque au Liban (SGBL), and JPMorgan.

Subscription bids from local and foreign banks and financial institutions hav...

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Lebanon Seed Fund launched by Flat6labs. Investments range $30,000 to $500,000 each

Flat6Labs Beirut announced the launch of Lebanon Seed Fund (LSF), a $20 million early stage fund aimed at supporting 100 local startups over the next five years.

Startups taking part in the seed stage program will receive $30,000-$50,000 in investment. They will go through a 16-week mentorship program. Early stage startups will receive $100,000 to $500,000, as well as access to Flat6Labs Beirut's resources and operational guidance to scale.

The program is in partnership with ArabN...

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