UAE-based neobank Zywa raises $3 million in seed round

Oluwajuwonlo Afolabi -

Zywa, a UAE-based neobank focusing on serving teenagers (Gen Z between 11-25 years), has raised $3 million in its seed round funding from Goodwater Capital, Dubai Future District Fund, Rebel Fund, Trampoline Ventures Partner, Zemu VC, and angel investors.

  • The fund will be used to focus on growth and strategic partnerships to improve its efforts in the UAE and Egypt markets and prepare to launch in Saudi Arabia in 2023, the digital bank claims.
  • Founded in 2021, Zywa offers neobanking alongside a gamified community and payment cards for Gen Z. It has received over 100,000 sign-ups since raising its pre-seed round. The use of gaming, community events, and referrals have bolstered the startup's growth, it claims.
  • It aims to promote financial literacy while also expanding financial access to teenagers in the MENA region.
  • The neobank raised $1 million in its pre-seed round in February, this year, and has been building and connecting networks of Gen Z in the UAE with its community programmes such as internships, influencer partnerships, interactions with public and private sector entities in the UAE, and community events.