UAE-based payroll and HR solution Bayzat bags funding

August 12, 2022

Bayzat, a UAE-based payroll and HR solution, has reportedly raised funds from The Mohammed Rashid Innovation Fund (MBRIF).

This investment capital will enable Bayzat to expand its team, with a focus on bolstering its technical development team, according to a report from Wamda. Over the coming year, the FinTech company also plans to release new features and employee benefit offers.

Bayzat is also in the process of expanding across the GCC and other international markets, with a focus on Saudi Arabia.

The FinTech company offers an all-in-one HR and employee benefits platform. Companies can automate HR, payroll and insurance processes to redirect resources on more important tasks.

Its payroll services let a company pay in multiple currencies, generate payslips and automate gratuity payments in a few clicks. As for insurance, the platform offers easy-to-understand medical policies and gives access to manage the company’s group health insurance. It also boasts real-time employee additions and deletions, health benefits and analytics.

The Mohammed Rashid Innovation Fund was launched by the UAE Ministry of Finance to support innovation in the country.

Speaking on the deal, Ministry of Finance chief innovation officer and MBRIF representative Fatima Al Naqbi 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 previously raised $16m for its Series B round in October 2019. The capital came from Point72 Ventures, Mubadala Capital, Elm, Greyhound Capital, Endeavor Catalyst and Tech Invest Com.

Fellow UAE-based FinTech company YAP recently raised $41m in funding. The company offers a digital bank service, which includes a debit card and digital banking tools. The company is looking to launch into Saudi Arabia.