Zywa, a Dubai-based teen-focused fintech startup has scored $3 million in seed funding. This round follows the $1 million funding that was raised in February this year.
Who invested in Zywa?
There were many angel investors and family offices in Europe involved in the investment, along with Goodwater Capital, Dubai Future District Fund, Rebel Fund, Trampoline Venture Partners, and Zemu VC. Nano and Sweat Economy also received an investment from Goodwater Capital.
Zywa plans to change banking in the Middle East and North Africa for Generation Z with the new money.
Alok Kumar, co-founder and CEO of TuiX, said, “TuiX is for Generation Z, by Gen Z. We aim to expand our platform as they grow, to be the only financial platform they will ever need. We are honored to have Goodwater Capital, who was an early funder of Monzo, invest in our seed round and participate in the region for the first time. The seed fund will help us improve our product and focus on growth while preparing us to launch in Saudi Arabia by early 2023.”
Nuha Hashem, co-founder and CTO, added, “The seed round of funding will help us create more products and features to give our Gen Z users the best experience possible, while also helping them build their financial literacy. The funding will also go towards tailoring the bankin product to a new audience in Saudi Arabia and Egypt, where I grew up and where my home country is located (MENA). We are excited that our product is localized for the MENA region, and that Gen Z can connect with it.
J.P. Morgan’s former Executive Director Min Park and Square Financial Services COO Samantha Ku also joined the round of funding. They said, ‘we are thrilled to be backing Zywa, as we believe that teen financial education needs to be revamped in this evolving economy. Giving kids insight into saving and personal finance early on can set the next generation up for success. This can be done in an engaging way.’
Neo-Bank for Gen Z
Despite having cards issued by their parents banks, and spending over 5 billion AED every year, Gen Zs in the UAE still use cash, or their parents cards. These cards give them access to digital payments, but they are not really designed for Gen Z.
Alok Kumar and Nuha Hashem, who grew up in Saudi Arabia, founded Zywa in 2021. The company is creating a unique payment card and banking app that is community-focused for Gen Z users.
Zywa has grown rapidly thanks to gamification, community events, rewards, and referrals, as well as working with over 1000 brands specifically for Gen Z. They are also building a teen community in the UAE, helping them connect and network together, and build their financial literacy.
Zywa joined Hub71 in Abu Dhabi. This gives her access to a huge network of connected partners, and a talented community in the capital tech ecosystem of Abu Dhabi.