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.
“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 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.
Mr. Talal Bayaa, CEO and co-founder at Bayzat, said that “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 organizations as they face new pressures to deliver exceptional experiences to both their customers and employees.”
In order to achieve its goal of establishing the region’s gold standard for employee benefits, Bayzat will continue to roll out high-impact features and benefits packages over the next 12 months. Bayzat is also in the midst of an accelerated expansion across the GCC and other international markets, with a particular focus on Saudi Arabia.