As part of its Guarantee Scheme, the Mohammed Bin Rashid Innovation Fund (MBRIF) has offered financing support to Bayzat, the UAE’s top employee benefits platform. MBRIF is a UAE Ministry of Finance (MOF) programme to foster national innovation.
Bayzat, a digital startup that helps businesses to better respond to workers’ requirements and generate savings in HR, payroll, and insurance processes, will utilise the capital guaranteed by MBRIF’s guarantee to grow its staff, with an emphasis on further expanding its technical development team.
Bayzat, which was founded in 2013, provides HR and insurance solutions by assisting businesses in automating their HR administration, payroll processing, and health insurance. It was one of the first firms to set up shop in Abu Dhabi’s technological hub Hub71. In 2022, Bayzat achieved numerous key milestones, including one million total logins per month, in keeping with the firm’s aim of making world-class employee experiences available to every enterprise.
Bayzat will continue to launch high-impact features and employee benefit packages over the next 12 months in order to achieve its aim of being the region’s gold standard for employee benefits. The company is also rapidly expanding in the GCC and other foreign markets, with a special emphasis on Saudi Arabia.
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.”
