Bayzat receives funding support from MBRIF

The foremost employee benefits platform in the UAE, Bayzat, has received financial support from Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative started by the UAE Ministry of Finance to encourage innovation across the country, as part of its Guarantee Scheme.

Bayzat will use the money, which is protected by the guarantee from MBRIF, to hire more people, with a particular emphasis on bolstering its technical development team.

“We saw enormous promise in Bayzat due to their expedited plans for growth across the GCC,” said Fatima Al Naqbi, chief innovation officer at the Ministry of Finance and a representative of MBRIF. “We are thrilled to be helping additional innovators along a pathway for growth and success.”

Bayzat, which was established in 2013, assists businesses in automating their HR administration, payroll processing, and health insurance. One of the first businesses to establish operations in the Hub71 technological ecosystem in Abu Dhabi.

In keeping with the firm’s objective of making world-class employee experiences accessible to every employer, Bayzat reached numerous significant milestones in 2022, including registering one million monthly logins in total.

“We are happy to have MBRIF contribute to our ongoing expansion and the constant improvement of our platform,” stated Talal Bayaa, CEO and co-founder of Bayzat. Organizations have responded favorably to Bayzat’s value proposition as they come under increased pressure to provide remarkable experiences to both their consumers and staff.

“We have established ambitious growth ambitions and the backing of MBRIF assists us in attaining these goals,” the company claims, “on the back of the tremendous momentum we have built up by catering to this market need.”

In order to achieve its objective of establishing the region’s gold standard for employee benefits, Bayzat will continue to roll out high-impact features and benefit packages throughout the course of the upcoming 12 months.

Additionally, Bayzat is currently expanding quickly across the GCC and other foreign markets, with a special emphasis on Saudi Arabia.