UAE’s MBRIF provides funding support to employee benefits platform Bayzat

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

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, chief innovation officer at the Ministry of Finance and MBRIF representative, said: “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 Abu Dhabi-based technology ecosystem Hub71.

Bayzat has hit several major milestones in 2022 including recording one million total logins per month keeping in line with the company’s mission of making world-class employee experiences accessible to every company.

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.”

Over the next 12 months, Bayzat will continue to introduce high-impact features and employee benefit offers in order to fulfill its goal of becoming the gold standard for employee benefits within the region.

Bayzat is also in the midst of an accelerated expansion across the GCC and other international markets, with a particular focus on Saudi Arabia.