myZoi has raised $14m and obtained two regulatory licenses from the Central Bank of the UAE, as it looks to bolster financial inclusion across the UAE.
The capital was raised from SC Ventures and SBI Holdings, and along with the regulatory success marks a significant achievement for the Abu Dhabi-based FinTech.
The firm is looking to enable, digitise and simplify access to essential financial services for over 5m low-income migrant workers in the United Arab Emirates (UAE) and beyond.
Syed Muhammad Ali, Co-Founder and CEO of myZoi, said: “At the heart of myZoi lies the transformative potential of FinTech to innovate with solutions that foster financial inclusion.
“myZoi will strive towards reducing the transaction cost of migrant remittances to less than 3%, in line with the UN’s Sustainable Development Goals 2030 (10c), while providing corporates a digitised, safe and efficient way to process payroll.
“As a tech-led, digital-native company, our drive is to make a meaningful difference not just in the lives of the underbanked, but their lifeline, which is their support network of families as well.”
myZoi brings global financial expertise and high standards of compliance, and the coup of securing these licenses will enable myZoi to empower the underbanked across the UAE and support their essential transactional needs through a single platform.
Gautam Jain, Member, SC Ventures, said: “There are over 1.4 billion3 unbanked individuals globally. At SC Ventures, we invest in innovative business models like myZoi so we can better serve the communities we operate in.
“We believe that FinTech innovations such as myZoi are emerging as the catalyst for change. They are building an ecosystem that delivers simple yet meaningful solutions to low-income migrant workers, while offering a commercially viable and socially impactful proposition.”
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