UAE – Mubasher: myZoi, a UAE-based payroll platform, has raised $14 million from SC Ventures and SBI Holdings to boost financial inclusion, according to a press release.
The company will use the funding to expand its diverse offerings and services for the underbanked and their families.
Moreover, myZoi obtained two regulatory licences from the Central Bank of the UAE (CBUAE), as it is set to begin its full commercial launch by the end of 2023. They will enable the platform to empower the underbanked and meet their essential transactional needs.
Founded in 2022 by Christian Buchholz and Syed Muhammad Ali, myZoi aims to provide access to essential financial services for more than 5 million low-income migrant workers in the UAE and beyond.
Syed Muhammad Ali, Co-Founder and CEO of myZoi, commented: “myZoi will strive towards reducing the transaction cost of migrant remittances to less than 3%, in line with the UN's Sustainable Development Goals 2030, while providing corporates a digitised, safe, and efficient way to process payroll.”
Gautam Jain, a member at SC Ventures, said: “There are over 1.40 billion unbanked individuals globally. We believe that fintech innovations such as myZoi are emerging as the catalyst for change.”
“They are building an ecosystem that delivers simple yet meaningful solutions to low-income migrant workers while offering a commercially viable and socially impactful proposition,” Jain added.
