Hub71 teen-focused fintech startup Zywa raises $3mln seed round
Summary
Zywa, a teen-focused fintech startup re-imagining banking for Gen Z in the Middle East and North Africa, has announced a seed funding round of $3 million. The seed round brings Zywa at a latest valuation that exceeds Dh110 million, despite the current economic downturn.Zywa recently joined Hub71, Abu Dhabis global tech ecosystem, gaining access to Abu Dhabis capital ecosystem, a global network of partners, and a vibrant community of highly skilled talent.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.In just 4 months of the pre-seed round, Zywa received 100,000+ signups. Giving exposure to kids early on about saving and personal finance fundamentals and done in an engaging way sets up the next generation for success.Backed by Y Combinator and DIFCs Fintech Hive, Zywa is creating a community of teens in the UAE who can connect and network with each other while building their financial literacy. Zywa has launched several community programs including internships, influencer partnerships, community events and more with key public and private sector entities in the UAE.Alok Kumar, co-founder and CEO of 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. 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.Copyright \xa9 2022 Khaleej Times.