Bahrain's Bidayatech starts MENA's first reward-based crowdfunding platform

The fintech will enable startups to create and launch a fundraising campaign through an assigned campaign page in the platform

  
Image used for illustrative purpose. Bahrain. Modern buildings in Manama skyline.

Image used for illustrative purpose. Bahrain. Modern buildings in Manama skyline.

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Bahraini fintech Bidayatech has launched MENA’s first reward-based crowdfunding platform that aims to help tech startups overcome funding gap.

Bidayatech will enable startups to create and launch a fundraising campaign through an assigned campaign page in the platform to pitch their product or service to the crowd.

In return for backing a startup fundraising campaign, backers receive non-monetary (none-equity) rewards. Tech Startups have access to extended fundraising campaign types rather than being limited to one type.

Founder & CEO of Bidayatech, Dhafer Salih Alqahtani, said: “We are creating a platform that is totally inclusive by expanding the access to funding for all Tech Startups, and spur financial inclusion of more startups and their founders to pursue their dreams while adding value to their communities and the economy to reach new horizons”.

The campaign will run for sixty (60) days incorporating social media, digital tools and emails to maximize reach and induce interest, beside the campaign owners network circles to pledge to the campaign with the objective of reaching the campaign funding goal.

Unlike traditional fundraising methods, startups campaigning on Bidayatech platform will not lose equity or control or even get into a loan and its obligations. Instead, they will only risk the loss of time and effort if the campaign goal was not reached. Plus, they can always capitalize on the knowledge gained to fine-tune and start a new fundraising campaign anytime, a statement from the fintech said.

(Writing by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@refinitiv.com)

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