As part of its Guarantee Scheme, the Mohammed Bin Rashid Innovation Fund (MBRIF) has announced that Bayzat, the top employee benefits platform in the UAE, has received financial support.
The Dubai-based HR and payroll software will use the funds to expand its workforce and strengthen its technical development team.
MBRIF is an initiative set up by UAE Ministry of Finance (MOF) to support nationwide innovation.
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,” MBRIF representative and MOF’s chief innovation officer Fatima Al Naqbi said.
Al Naqbi added 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 benefit offers 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 of 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 the brand’s value proposition has resonated “strongly with organisations” as they deliver “exceptional experiences to both their customers and employees.”
Bayaa added based on the “impressive momentum,” Bayzat has set ambitious growth targets which will be achieve through the new MBRIF funding.
Over the years, MBRIF’s guarantee program has played a key role in providing innovators with unique access to affordable debt financing without giving up their equity.
