Company Research Report: Zywa Payments DMCC

Company Overview

Name:

Zywa Payments DMCC

Mission:

To shape the financial landscape for the next generation and beyond, striving to create a future where financial freedom and literacy is a fundamental right for all, starting with Gen Z. Zywa commits to simplifying the complexities of money management, enabling Gen Z to make smart financial decisions with ease and confidence.

Founded:

2021

Founders:

• Alok Kumar (CEO)

• Nuha Hashem (CTO)

Key People:

• Alok Kumar: CEO

• Nuha Hashem: CTO

Headquarters:

No information available

Number of Employees:

No information available

Revenue:

AED 110 million (USD 30 million) as of August 2022

Known For:

Zywa is known for being the first-ever prepaid Mastercard and money management app exclusively tailored for Gen Z in the Middle East.

Products

Product Overview:

1. Zywa App and Prepaid Mastercard:

• High-Level Description: A prepaid card and money management app for Gen Z, available in the UAE and launching soon in KSA and Egypt.

• Key Features:

• Instant money transfer among peers and from parents.

• Goal tracking and achievement features.

• Rewards earning on spending at popular brands for Gen Z.

• Community engagement features focusing on lifestyle, fashion, art, entrepreneurship, music, gaming, and more.

• Gamified financial literacy with incentives like Zywa rewards (Zems and Zyons).

Recent Developments

Funding and Expansion:

• In August 2022, Zywa raised $3 million in seed funding to expand its operations in UAE, and to kick-start its expansion to Saudi Arabia and Egypt by early 2023.

• The seed round valuation exceeded AED 110 million (USD 30 million).

New Features and Strategic Initiatives:

• The latest app update (Version 10.4.6, September 3, 2024) included bug fixes.

• Zywa plans to introduce social elements to its app allowing users to share photos or videos of their purchases and react to friends’ purchases.

• Development of community-based value-add services like the application platform for internships at Zywa and partner startups.

Partnerships:

• Strategic partnerships with schools to host workshops and hackathons.

• Partnerships with teen-led businesses to sell on the app.

• Discount partnerships with brands popular among Gen Z.

Noteworthy Statements:

• Nuha Hashem emphasizes creating a new financial ecosystem specifically designed for Gen Z, integrating services that blend financial education with community and gamification.

• Support from Hub71 and Y Combinator as part of their strategic and growth initiatives.

Summary

Zywa Payments DMCC has emerged as an innovative fintech company focused on transforming the financial habits and capabilities of Gen Z in the Middle East. With a robust funding strategy and a clear mission to enhance financial literacy through engaging and community-based approaches, Zywa is positioned to lead in the Gen Z banking space.

• Mission: To simplify money management and enhance financial literacy for Gen Z.

• Founders: Alok Kumar and Nuha Hashem.

• Key Developments: $3M seed funding; expansion to KSA and Egypt; new app features.

• Key Partnerships: Schools, teen-led businesses, popular Gen Z brands.

Zywa exemplifies a modern approach to banking, focusing on convenience, community, and financial education, tailored specifically for the digitally savvy Gen Z demographic.