Abu Dhabi’s Fin-Tech Startup Bayzat Scores $16 Million Series B Investment
The investment will enable exponential growth and development in the startup’s technology and customer experience.
Bayzat, the United Arab Emirates-based startup providing tech solutions for human resources (HR), payroll and employee benefits has scored $16 million in their Series B investment round. The funding was gained through Point72 Ventures and Mubadala Capital, with the latter’s investment being the first targeting a UAE-based startup. The startup has of now collectively gained $31 million, and plans to use the recent funds to invest in its technology and optimize its customer experience. Other participants in the funding round include Endeavor Catalyst, Tech Invest Com, Elm and Greyhound Capital.
“The opportunity lies in enhancing the employee experience of 70% of SMEs in the UAE that don’t have HR automation in place. We’re incredibly excited to build technology-enable experiences that meet the challenges faced by our customers,” says Talal Bayaa, CEO of Bayzat.
Established in 2013, Bayzat aims to make world-class employee experiences available to every small and medium sized entreprise (SME). Bayzat is a free-for-use online platform designed to help companies manage and automate HR administration, payroll and health insurance, significantly enhancing processes for HR and accounting teams.
Earlier this year, the startup launched its very-own fintech product line on its platform to give employees unique perks that may not be otherwise accessible to them given the size of their companies. Bayzat counts local companies such as The Luxury Closet, Deliveroo, and DMCC as customers experiences success with their solutions. Since the beginning of 2019, the startup’s monthly bookings have multiplied and shall experience exponential growth in the upcoming period as a result to this new funding.
“Bayzat’s world-class technology suite modernizes the human resources and payroll experience for small business owners in the Middle East, solving a real pain point. We’re pleased to support the company’s continued growth as they build out their suite of financial services and offerings,” says Pete Casella, Partner at Point72 Ventures.
