The Mohammed Bin Rashid Innovation Fund, an initiative launched by UAE Ministry of Finance to support nationwide innovation, announced it has provided funding support to Bayzat, the UAE’s leading employee benefits platform, as part of its Guarantee Scheme.
As a technology firm that enables businesses to better cater to the needs of employees and drive efficiencies in the HR, payroll, and insurance functions, Bayzat will use the fund secured with 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 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.”
Launched in 2013, Bayzat provides HR and insurance solutions by helping companies automate their HR administration, payroll processing, and health insurance. It was one of the first companies to set up operations in Abu Dhabi-based technology ecosystem Hub71.
Bayzat has hit several major milestones in 2022 including recording 1 million total logins per month keeping in line 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.”
Over the next 12 months, Bayzat will continue to introduce high-impact features and employee benefit offers in order to fulfil its goal of becoming the gold standard for employee benefits within the region. Bayzat is also in the midst of an accelerated expansion across the GCC and other international markets, with a particular focus on Saudi Arabia.
Over the years, MBRIF’s Guarantee Scheme has played a key role in facilitating innovators with unique access to affordable debt finance without giving up equity.