The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative launched by the UAE Ministry of Finance to support nationwide innovation, today announced it has provided funding support to Bayzat, the UAE’s 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.
Commenting on the announcement, Fatima Al Naqbi, Chief Innovation Officer at the Ministry of Finance and MBRIF representative, said: “We envisage that Bayzat’s platform will significantly benefit many businesses across the region and shape a better employee experience through digitally-driven methods.
Talal Bayaa, CEO and co-founder at Bayzat, said: “Bayzat’s value proposition has resonated strongly with organizations as they face new pressures to deliver exceptional experiences to both their customers and employees.”
Launched in 2013, Bayzat provides HR and insurance solutions by helping companies automate their HR administration, payroll processing, and health insurance.