Teen-focused banking app Zywa, which is aimed at Gen Z in the Middle East and North Africa, has scored $3m in its seed funding round.
The investment round brings Zywa’s valuation to AED 110m ($30m).
This funding round was backed by Goodwater Capital, Dubai Future District Fund, Rebel Fund, Trampoline VC and Zemu VC. Other commitments came from prominent European family offices, as well as strategic angel investors.
With the funds, Zywa hopes to create more product initiatives and tailor its product to teens in Egypt and Saudi Arabia.
Zywa was founded in 2021 by Alok Kumar and Nuha Hashem. The Fintech platform brings a gamified community-based banking app and payment card to Gen Z between the ages of 11 and 25 years old.
It teen-focused banking platform offers a payment card and app to enable teens to manage, save and spend money.
Zywa co-founder and CEO Alok Kumar said, “Gen Zs in the UAE spend about AED 5B+ every year and still rely on cash or their parents’ cards despite having options like supplementary cards issued by their parents’ banks. While these options give access to digital payments, they are not fundamentally designed for Gen Z, and this is where we add value.
“We are Gen Z building for Gen Z, and aim to grow our product as they grow, to be the only financial services platform they will ever need. The seed fund will help us focus on product, growth, and strategic partnerships to accelerate our efforts in the UAE and Egypt markets, while prepping us to launch in Saudi Arabia by early 2023.”
Zywa previously raised $1m in its pre-seed round in February 2022, which was led by Y Combinator. Four months following the seed round, the company has received 100,000+ signups.
The teen-focused banking startup is part of Hub71, Abu Dhabi’s global tech ecosystem. As part of Hub71, the company gains access to Abu Dhabi’s capital ecosystem, a global network of partners, and a vibrant community of highly skilled talent.
Earlier in the year, Canadian FinTech company WALO closed a $1.1m funding round. The company offers a financial platform designed to teach children the value of money.
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