[UAE] Payroll software platform funded by finance ministry fund

The Mohammed Bin Rashid Innovation Fund (MBRIF) announced that it has provided funding support to Bayzat, the UAE’s leading employee benefits platform, as part of its Guarantee Scheme, Arabian Business reports.

The UAE’s Ministry of Finance (MOF) set up the MBRIF initiative to support nationwide innovation.

The Dubai-based HR and payroll software firm will reportedly use the funding to expand its workforce and strengthen its technical development team.

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 the 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.

“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,” Fatima Al Naqbi - MBRIF representative and MOF’s chief innovation officer - said.

Ms Al Naqbi added that the HR platform will allow businesses across the region to benefit and “shape a better employee experience through digitally-driven methods.”

Over the next 12 months, Bayzat will continue to introduce high-impact features and employee benefits in order to fulfil its goal of becoming the gold standard for employee benefits within the region, the statement said.

Bayzat is also in talks for expansion across the GCC and other international markets, “with a particular focus on Saudi Arabia.”

“We are proud to have MBRIF contribute to our ongoing expansion and the continuous enhancement of our platform,” Bayzat’s chief executive officer and co-founder Talal Bayaa said, adding that the brand’s value proposition has resonated “strongly with organisations” as they deliver “exceptional experiences to both their customers and employees.”

Mr Bayaa said that, based on the “impressive momentum,” Bayzat has set ambitious growth targets which will be achieved through the new MBRIF funding.

The statement said that, in the years since it was established, MBRIF’s Guarantee Scheme has played a key role in facilitating innovators with unique access to affordable debt finance without giving up equity.

Source: Arabian Business

(Link and quotes via original reporting)

The Mohammed Bin Rashid Innovation Fund (MBRIF) announced that it has provided funding support to Bayzat, the UAE’s leading employee benefits platform, as part of its Guarantee Scheme, Arabian Business reports.

The UAE’s Ministry of Finance (MOF) set up the MBRIF initiative to support nationwide innovation.

The Dubai-based HR and payroll software firm will reportedly use the funding to expand its workforce and strengthen its technical development team.

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 the 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.

“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,” Fatima Al Naqbi - MBRIF representative and MOF’s chief innovation officer - said.

Ms Al Naqbi added that the HR platform will allow businesses across the region to benefit and “shape a better employee experience through digitally-driven methods.”

Over the next 12 months, Bayzat will continue to introduce high-impact features and employee benefits in order to fulfil its goal of becoming the gold standard for employee benefits within the region, the statement said.

Bayzat is also in talks for expansion across the GCC and other international markets, “with a particular focus on Saudi Arabia.”

“We are proud to have MBRIF contribute to our ongoing expansion and the continuous enhancement of our platform,” Bayzat’s chief executive officer and co-founder Talal Bayaa said, adding that the brand’s value proposition has resonated “strongly with organisations” as they deliver “exceptional experiences to both their customers and employees.”

Mr Bayaa said that, based on the “impressive momentum,” Bayzat has set ambitious growth targets which will be achieved through the new MBRIF funding.

The statement said that, in the years since it was established, MBRIF’s Guarantee Scheme has played a key role in facilitating innovators with unique access to affordable debt finance without giving up equity.

Source: Arabian Business

(Link and quotes via original reporting)