UAE-based fintech myZoi has closed a $14 million investment round, fronted by SC Ventures and SBI Holdings, and obtained two regulatory licences from the Central Bank of the UAE.
Founded by Christian Buchholz, Shanawaz Rouf and Nabid Hassan, along with Arsalan Siddiqui and Syed Ali, myZoi promotes the financial inclusion and digital literacy of the unbanked through customised financial services.
“At the heart of myZoi lies the transformative potential of fintech to innovate with solutions that foster financial inclusion,” Syed Muhammad Ali, Co-Founder and CEO of myZoi, says. “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 (10c), while providing corporates a digitised, safe, and efficient way to process payroll.”
Investing in fintech more than quadrupled in the MENAP region from $200 million in 2020 to $885 million in 2022, according to a study by MAGNiTT. With the newly acquired funding myZoi hopes to simplify access to essential financial services for more than 5 million low-income migrant workers in the UAE and beyond, as it prepares for a full commercial launch.
