Bayzat, an HR, payroll and insurance provider, closes a Series C round of USD 25 million and has raised over USD 60 million to date.
Bayzat, a regional employee benefits platform, has successfully closed a Series C funding round at USD 25 million. The round was led by DisruptAD, ADQ’s venture platform, alongside Ischyros New York, a global hedge fund. This puts Bayzat’s funding to date at over USD 60 million.
Bayzat: World-class employee experiences
Founded in 2013, UAE-based Bayzat is a technology firm that helps organizations deliver world-class employee experiences by automating and enhancing their insurance, payroll, and HR administration processes. Over the past three years, the company has recorded more than 100 per cent annual growth and has grown its workforce to almost 350 employees across the UAE, Saudi Arabia and the wider region.
“In today’s economic climate, employee experience is a business imperative and organizations can no longer pay lip service to discussions around this topic,” said Talal Bayaa, CEO and co-founder at Bayzat. “Whether it is to empower employees with self-serve HR, streamline payroll, optimize group insurance plans, or unlock exceptional employee benefits, our customers are seeing tremendous value from the Bayzat platform. Furthermore, our focus on hyper-localization sets us apart as one of the only providers in the market with an offering that is finely tuned to the regulations, requirements and nuances of the region. This is what we call the Bayzat Effect, and it is a movement that is gaining momentum and fueling our growth across the GCC,” said Bayaa.
Regional expansion
Bayzat will use the funds to expand its customer base across the Middle East, with a particular focus on Saudi Arabia. This focus on innovation has enabled the company to establish itself as the category leader in the UAE in InsureTech, HR and payroll automation, and employee benefits through a Software as a Service (SaaS) platform.
According to the company, Bayzat serves over 127,000 employees in over 1,500 companies in the GCC including Deliveroo, Zomato, Saudi Icon, Grant Thornton, Eyewa, and The Giving Movement. The company’s online HRMS platform receives more than 2 million employee logins per month.
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