UAE-based Bayzat collects $16m Series B

Bayzat, company offering human resources, payroll, and employee benefits, has collected $16m in its Series B.

Point72 Ventures led the investment round. Other contributions came from Mubadala Capital, which made its first investment in a United Arab Emirates-based company, Elm, Greyhound Capital, Endeavor Catalyst, and Tech Invest Com.

With the fresh funds, the FinTech is hoping to invest in its technology and customer experience to foster growth next year.

Founded in 2013, the UAE-based FinTech empowers small and medium-sized businesses to offer their employees benefits. Through Bayzat, an employee can take out health insurance through real-time pricing of more than 100 policies. Employees can also use the platform to manage their profile, access documents and monitor their insurance policy.

Not only can employers leverage Bayzat for employee benefits, but they can use it as a real-time dashboard for employee records, time off sheets, and payroll services.

Its clients include DMCC, The Luxury Closet and Deliveroo.

Earlier in the year, the company launched its EarlyPay service which gives employees to get their pay checks earlier.

Bayzat CEO Talal Bayaa said, “The opportunity lies in enhancing the employee experience of 70 percent of SMEs in the UAE that don’t have HR automation in place. We’re incredibly excited to build technology-enabled experiences that meet the challenges faced by our customers.”

Copyright © 2019 FinTech Global

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