The Mohammed Bin Rashid Innovation Fund [MBRIF], an initiative launched by the UAE Ministry of Finance to support nationwide innovation, announced today that it has provided funding support to Bayzat, the UAE’s leading employee benefits platform, as part of its Guarantee Scheme.
Bayzat will use the funds secured by MBRIF’s guarantee to expand its workforce, with a focus on further strengthening its technical development team.
Commenting on the announcement, Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and MBRIF representative, said: “In alignment with the MBRIF’s vision to support the UAE’s accelerating innovation ecosystem, we envisage that Bayzat’s platform will significantly benefit many businesses across the region and shape a better employee experience through digitally-driven methods.
“We saw huge potential in Bayzat due to their accelerated plans for growth across the GCC and we are pleased to be guiding more innovators onto a pathway for growth and success.”
Bayzat, which was founded in 2013, provides HR and insurance solutions by assisting businesses in automating their HR administration, payroll processing, and health insurance. It was one of the first companies to set up shop in Abu Dhabi’s technology hub Hub71.
In 2022, Bayzat achieved several major milestones, including 1 million total logins per month, in keeping with the company’s mission of making world-class employee experiences accessible to every company.
Talal Bayaa, CEO and co-founder at Bayzat, said: “We are proud to have MBRIF contribute to our ongoing expansion and the continuous enhancement of our platform. Bayzat’s value proposition has resonated strongly with organisations as they face new pressures to deliver exceptional experiences to both their customers and employees.
“On the back of the impressive momentum we have built up by catering to this market need, we have set ambitious growth targets and the support of MBRIF helps us in achieving these objectives.”
Bayzat will continue to introduce high-impact features and employee benefit offers over the next 12 months in order to achieve its goal of becoming the region’s gold standard for employee benefits. Bayzat is also rapidly expanding in the GCC and other international markets, with a particular emphasis on Saudi Arabia.
MBRIF’s Guarantee Scheme has played an important role in providing innovators with unique access to affordable debt financing without giving up equity over the years.
Please visit https://mbrif.ae/ for more information on The Mohammed Bin Rashid Innovation Fund.
