MyZoi secures $14m to boost financial inclusion

By Delisha Fernandes

myZoi, a UAE-based FinTech focused on financial inclusion and financial literacy for the underbanked, has raised $14 million from SC Ventures and SBI Holdings.

myZoi aims to use the funds raised to expand its inclusive and differentiated proposition for the underbanked and their families. myZoi places equal commitment to financial inclusion and financial literacy. The FinTech company is preparing for its full commercial launch by the end of 2023.

“At the heart of myZoi lies the transformative potential of fintech to innovate with solutions that foster financial inclusion. The company 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 digitised, safe and efficient way to process payroll,” said Syed Muhammad Ali, Co-Founder and CEO of myZoi. “As a tech-led, digital-native company, our drive is to make a meaningful difference not just in the lives of the underbanked, but their lifeline, which is their support network of families as well.”

myZoi brings global financial expertise and high standards of compliance. The FinTech company 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 licenses enable the company to empower the underbanked and support their essential transactional needs through a single platform.

“There are over 1.4 billion3 unbanked individuals globally. At SC Ventures, we invest in innovative business models like myZoi so we can better serve the communities we operate in. 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,” said Gautam Jain, Member, SC Ventures.