The fintech platform myZoi announced it secured US$14 million from SC Ventures and SBI Holdings, and it obtained two regulatory licenses from the Central Bank of the UAE.
The company focused on financial inclusion and financial literacy for the underbanked segment in the UAE. myZoi has secured two licenses from the Central Bank of the UAE: the Stored Value Facilities (SVF) and the Retail Payment Services and Card Schemes (RPSCS) Category II.
The fintech platform is preparing for its full commercial launch by the end of 2023. The company aims to use the funds to expand its presence in the UAE.
“There are over 1.4 billion unbanked individuals globally. At SC Ventures, we invest in innovative business models like myZoi so we can better serve the communities we operate in, said Gautam Jain, Member, SC Ventures.
“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,” added Jain.
The fintech company was founded in 2022 by Christian Buchholz and Syed Muhammad Ali.
“At the heart of myZoi lies the transformative potential of fintech to innovate with solutions that foster financial inclusion. 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 digitized, safe, and efficient way to process payroll,” said Syed Muhammad Ali, Co-Founder and CEO of myZoi.
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