JoPACC, in Collaboration with GIZ, Opens Applications for the Second Cohort of the Race to Reach Challenge (Version 2) through JOIN Fincubator

Jordan Payments and Clearing Company (JoPACC), through its JOIN Fincubator and in partnership with GIZ, is excited to announce the launch of a new edition of its internal challenge, Race to Reach, which is now open for applications for JOIN’s second cohort.

This new version of the challenge is supported by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) through its implemented project, Innovative Approaches for the Financial Inclusion of MSMEs in Jordan (I-FIN), commissioned by the German Federal Ministry for Economic Cooperation and Development (BMZ).

This challenge offers grants to JOIN’s second cohort, helping them go live and gain traction. With a 150,000 JOD prize pool tied to milestones, the objectives include launching fintech solutions, boosting women-led businesses, improving MSMEs' access to finance, and expanding the use of digital financial services. 
The challenge has four phases: Application & Selection, where startups submit plans; Kick-Off & Initial Funding, where selected startups begin their projects; Mid-Challenge Check-In to assess progress and possible additional funding; and Final Review & Funding, where startups receive their final funding based on milestone achievements.
Interested companies must meet the following eligibility criteria to apply for the Race to Reach challenge:
•    Registered Company: The participating startup must be a legally registered company in Jordan after the selection with an active bank account designated for fund disbursement.
•    Live Deployment:  The participating startups must have a solution implemented and launched in the Jordanian market or have a minimum viable product ready to launch and must be launched by the 1st of March 2025.
•    MSME Reach: The solution must enhance MSMEs' access to digital financial services.
•    Reporting: Participants must submit financial projections and detailed expected outcomes in line with the established criteria and KPIs.

Ms. Maha Bahou, CEO of JoPACC, expressed her excitement for the launch of the second edition of this challenge after the success of the first edition, emphasizing the importance of collaboration between JoPACC and GIZ in supporting micro, small, and medium-sized enterprises. She also explained that these businesses represent most registered companies in Jordan, which will positively enhance economic growth in the kingdom.

Mr. Ulrich Hess, I-FIN Commission Manager, emphasized GIZ's commitment to supporting innovation and promoting financial inclusion, particularly for MSMEs and women-led MSMEs. 'The Race to Reach Challenge, in partnership with JoPACC, is a testament to our shared vision of empowering startups to drive sustainable economic growth and improve access to digital financial services across Jordan. By supporting initiatives like this, we aim to create opportunities for businesses, especially those led by women, to thrive in an increasingly digital economy.’

JoPACC aims to propel the growth of startups that have recently completed the JOIN Fincubator program, guiding them towards the next phase of their development, while also enhancing MSMEs' access to digital financial services.
The collaboration between JoPACC and GIZ represents a significant step in promoting innovation and fostering sustainable economic development in Jordan's fintech industry, with a particular focus on expanding financial access for MSMEs across the Kingdom.