MBRIF funds UAE’s leading employee benefit platform, Bayzat

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UAE
  • Date: 12-Aug-2022
  • Source: GCC Business…
  • Sector: Financial Markets
  • Country: UAE
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MBRIF funds UAE’s leading employee benefit platform, Bayzat

The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative launched by the UAE Ministry of Finance to support nationwide innovation, has provided funding support to Bayzat, the UAE’s leading employee benefits platform, as part of its Guarantee Scheme.

As a technology firm that enables businesses to better cater to the needs of employees and drive efficiencies in the HR, payroll, and insurance functions, Bayzat will use the fund secured with MBRIF’s guarantee, to expand its workforce with a focus on further strengthening its technical development team.

Fatima Al Naqbi

MoF Representative

MBRIF “In line with the MBRIF’s vision to support the UAE’s accelerating innovation ecosystem, we envisage that Bayzat’s platform will significantly benefit many businesses across the region and shape a better employee experience through digitally-driven methods. 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.”

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