Zywa, a MENA fintech start-up offering Gen Z banking solutions for teenagers across the MENA region, has raised $3 million.
A part of Abu Dhabi’s Hub 71, the startup offers prepaid cards for teenagers and an application to manage and save money.
Investors who participated in the round include Goodwater Capital (the largest consumer tech VC globally), Dubai Future District Fund, Rebel Fund, Trampoline VC, Zemu VC, and some of the most prominent European family offices, as well as strategic angel investors.
The $3 million just raised comes after a pre-seed round which brought in $1 million. That round was led by Y Combinator in February 2022.
Founded in 2021 by entrepreneurs Alok Kumar and Nuha Hashem, who were born and raised in Saudi Arabia, Zywa is bringing a unique solution to the region by offering a gamified community-based banking app and payment card to Gen Z between the ages of 11 and 25 years old.
Zywa has received 100,000+ signups. Gamification, community events, rewards and referrals contributed to the company’s rapid growth, in addition to integrating with more than 1,000+ brands tailored exclusively for Gen Z.
Alok Kumar, co-founder and CEO, Zywa said, “Gen Zs in the UAE spend about Dh5 billion plus every year and still rely on cash or their parents’ cards despite having options like supplementary cards issued by their parents’ banks. While these options give access to digital payments, they are not fundamentally designed for Gen Z, and this is where we add value. We are Gen Z building for Gen Z, and aim to grow our product as they grow, to be the only financial services platform they will ever need. The seed fund will help us focus on product, growth, and strategic partnerships to accelerate our efforts in the UAE and Egypt markets, while prepping us to launch in Saudi Arabia by early 2023.”
