Bahrain’s Al Waha Fund, Hambro Perks launch HP Spring Studios to support fintech startups

Al Waha Fund, managed by Bahrain Development Bank, and international investment firm Hambro Perks have announced the launch of HP Spring Studios.

The fintech venture studio will be based out of its new headquarters in Manama, Bahrain.

The studio will both co-found and invest directly into next-generation fintech startups with top-performing entrepreneurs.  An in-house team covering the full capability spectrum across product, engineering, and operations will help accelerate startups towards product/market fit.

Startups will work closely with Al Waha Fund and Hambro Perks’ local and global network of private and public institutions, including the National Bank of Bahrain, Mumtalakat, and Batelco, to drive customer traction and secure future funding rounds to exit.

The studio aims to create new highly skilled jobs in Bahrain for both local and international talent, on both its core team and at the startups it helps to launch.

HP Spring Studios will not only focus on attracting highly skilled international talent, but also on training local talent through upskilling, internships, and educational initiatives in partnership with local institutions.

With the launch of the new studio, Hambro Perks will be an active member of Bahrain’s fintech ecosystem, investing, developing talent, participating in events, and promoting Bahrain as an investment destination.

Areije Al Shakar, director and fund manager at Al Waha Fund, commented: “We are proud to be part of this initiative which will prove a valuable resource to both local entrepreneurs and communities who will benefit from new fintech solutions in Bahrain. Al Waha was founded to help startups overcome challenges around access to funding. HP Spring Studios will significantly enhance the region’s fintech ecosystem, not only empowering startups, but also helping to materially improve the way people save, send, lend, manage, and invest their money.”

She added: “We are excited about the future of fintech startups in the MENA region and look forward to working alongside our partners and extensive network to support the next generation of tech entrepreneurs in their journeys.”

Dominic Perks, chief executive at Hambro Perks, commented: “The opportunity for entrepreneurs to develop fintech solutions to help address the MENA region’s challenges has never been more compelling. To date, high barriers to entry have been limiting the potential for innovation. HP Spring Studios exists to solve the problems experienced by founders in the region.

“Once portfolio startups are ready to scale, the studio and Hambro Perks will bring in trusted global co-investors to the Bahrain-based operational companies, not only creating further jobs but also facilitating capital inflows and attracting further talent and investors to Bahrain.”