Bayzat raised US$ 5M in funding

Wednesday, 6 December 2017

Bayzat, a leading provider of insurance and HR solutions across the MENA region, has raised additional US$ 5 million in funding led by Silicon Badia, a venture capital firm that invests in technology companies around the world. BECO Capital and Hamed Kanoo Co LLC also took part in the funding round.

The additional financing increased the total amount the startup received to more than US$ 8 million. Headquartered in Dubai, Bayzat currently has more than 18,000 life insurances conducted through its website.

Talal Bayaa, the co-founder, and CEO of Bayzat explained that adding more resources to the company’s HR software came naturally and was driven by experience. Bayaa said that the SaaS-based services in the Middle East are still underdeveloped, making some of the internal corporate processes like payroll and employee record management archaic and slow.  While in many countries that process has been automated for a long time.

Established in 2015, Bayzat has recorded impressive year-on-year growth, reaching over 350% increase in revenue. It is largely due to the legally-binding life insurance policies in the region. After it cemented its position on the domestic insurance market, Bayzat started working hard on the development of its HR automation platform, and Bayzat Benefits.

Its primary goal is to replace the manual administrative work with a more efficient automation process. It includes OCR technology, giving the users the options to extract important information from passports and ID cards, for example. It also allows the upload of sensitive data onto Bayzat’s secure platform. One of the latest editions to the Bayzat’s portfolio of services includes payroll. Employees registered on Bayzat Benefits will have their salaries and bonuses automatically stored and calculated, giving finance and HR departments more time to focus on their core duties.

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