Bayzat nabs $3.6m to revamp UAE health insurance

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fintech insurtech wealthtech regtech ai cybertech esg news

Dubai-based health insurance and HR service Bayzat is taking on $3.6m in a Series A round of funding led by BECO Capital. Precinct Partners also contributed to the round alongside angel investors.

The company initially launched in 2013 as a service through which users could buy financial products before focusing on health insurance in an effort to meet demand and fulfil the gap in the region’s market.

It operates a B2C platform for users to compare prices and purchase health insurance as well as a B2B software-as-a-service offering aimed at providing enterprises with broader HR automation tools.

The company is monetised by charging insurers a commission and counts Deliveroo, Baker & Spice and Propertyfinder among its business clients.

Bayzat currently employs 40 staff and claims a monthly growth rate of more than 30% with more than 4,000 business users on the platform.

Copyright © 2016 FINTECH GLOBAL

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