Neobank Zywa Raises $3 mln in Seed Round
Neobank Zywa Raises $3 mln in Seed Round

Neobank Zywa Raises $3 mln in Seed Round

24 august, 20221 minute to read
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UAE-based neobank Zywa, that focuses on teens, has raised $3 million in Seed round. The funds came from Goodwater Capital, Dubai Future District Fund, Rebel Fund, Trampoline Venture Partners, Zemu VC, alongside some angel investors.

The round brings Zywa's total valuation to about $30 million. Founded in 2021, Zywa offers a gamified community-based banking app and payment card to Gen Z between the age of 11-25 years old.

The fuds will help Zywa fuel its growth in the UAE, and to kick-start its expansion to Saudi Arabia and Egypt at over. The new funding follows the $1 million pre-seed backing it secured in February this year.

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Gen Zs in the UAE spend about AED 5B+ 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,

says Alok Kumar, CEO of Zywa.

Being one of Gen Zs himself, Kumar says he aims to grow the product "as they grow", so that it becomes "the only financial services platform they will ever need."

24 august, 2022
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