myZoi, a digital payroll platform based in the UAE and wholly owned by Standard Chartered Bank, has raised $14 million from SC Ventures, Standard Chartered’s tech investment arm, and venture capital firm SBI Holdings.
The funding will be used to further develop myZoi’s product offering after its planned launch later this year.
While the company did not disclose how much it had raised before this round, it noted that Tokyo-based SBI Holdings was its first external investor.
myZoi focuses on financial inclusion and smart money skills for the underbanked population. It aims to reduce the transaction cost of migrant remittances to less than 3 percent, in line with the UN’s Sustainable Development Goals 2030, while also providing corporates with a digitized, safe, and efficient way to process payroll.
The Middle East and North Africa (MENA) region has a significant unbanked population, with 79 percent of young adults and 72 percent of the poorest citizens lacking access to formal banking services.
myZoi aims to address this issue by offering financial literacy and wellness programs, instant remittances, and competitive rates to employees through its payroll service.
myZoi recently secured licenses from the UAE Central Bank, including a Stored Value Facilities license and a Retail Payment Services and Card Schemes Category II license. It will soon begin live beta testing with selected companies and plans to go live by the end of the year.