myZoi: Bridging the Financial Gap for the Underbanked with US$14 Million Investment
Mokshita P.
10X Technology

myZoi: Bridging the Financial Gap for the Underbanked with US$14 Million Investment

Fintech aims to reduce migrant remittance costs, aiding over 5 million underbanked workers. Full launch expected by end of 2023.

In a significant step toward promoting financial inclusion and literacy for the underbanked, myZoi has successfully secured US$14 million in funding from SC Ventures and SBI Holdings. This coincides with the granting of two regulatory licenses from the Central Bank of the UAE, solidifying myZoi's commitment to revolutionising access to financial services for over 5 million low-income migrant workers in the UAE and beyond.

Headquartered in the UAE, the 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 licenses. These licenses empower myZoi to support the essential transactional needs of the underbanked through a unified platform.

"At the heart of myZoi lies the transformative potential of fintech to innovate with solutions that foster financial inclusion. myZoi will strive towards reducing the transaction cost of migrant remittances to less than 3 percent, 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."

With the funds raised, myZoi aims to expand its inclusive and differentiated services for the underbanked and their families. The company places equal emphasis on financial inclusion and financial literacy, preparing for a full commercial launch by the end of 2023.

The concept of myZoi was initially conceived by Co-founder and Chief Product Officer Christian Buchholz and incubated under SC Ventures. Buchholz, who led SC Ventures' design and innovation initiatives across multiple geographies over the last five years, spent significant time within the communities that myZoi aims to benefit the most. He was deeply inspired by their commitment to remit up to 80 percent of their income home, leaving little for personal use. The offering, appropriately named myZoi, where "Zoi" means 'life' in Greek, extends its reach beyond the underbanked in the UAE to also positively impact their families back home.

Gautam Jain, Member of SC Ventures, expressed their commitment to innovative business models like myZoi, highlighting their potential to serve the communities they operate in. He stated, "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."

Yoshitaka Kitao, SBI Holdings, Inc. Representative Director, Chairman, President & CEO, emphasised their support for myZoi's vision to enable financial inclusion and an equitable future for all individuals, regardless of their background or social status.