Zywa announces its social neobank company will be coming to Africa to explore the FinTech industry in the Middle East and Northern Africa (MENA) region of Africa to follow up its corporate expansion scheme that indulges tech-savvy patrons. Zywa’s announcement revealed its neobanking services will be introduced in the Egyptian FinTech market and then spread out to Saudi Arabia while Zywa will be introduced to other significant moneymaking FinTech marketplaces in MENA.
Zywa’s confidence to introduce its social neobanking service to the MENA population is stirred by its incorporated executive decision backed by the hefty amount of investment Zywa secured from Y Combinator and other capitalist investors such as Zemu Venture Capital, Rebel Fund, Goodwater Capital, etc. Zywa closed the seed round with $3m higher than the previous $1m pre-seed round the social neobank startup company closed in the early days of 2022.
Zywa seems to be favoured in the sight of the Arabian tech-savvy investors including the Dubai Future District Fund angel investor that acknowledged the ideal impact of investing in an indigenous startup company. Zywa FinTech company originates from the United Arabs Emirates (UAE) – this clarifies Zywa’s intent to pioneer neobanking in the MENA region that is likely to relate to the Arabian culture of finance management.
Despite being nepotistically oriented, DFDF’s offering to accelerate Zywa’s developmental growth serves as a partnership deal.
Aside from the Y Combinator’s intervention with extra funds and fame, Zywa seems to be confident with the FinTech services its renders having enriched its company’s valuation which is worth $30m, including the latest $3m seed Zywa raised. The MENA FinTech marketplace drafted to experience Zywa’s neobank services will have access to socialize and remit cash, receive cash and manage funds with no age limitations.
According to Zywa’s co-founders, Nuha Hashem and Alok Kumar that revealed their neobank initiative was established to suit Gen-Z tech-savvies to socialize with funds. Zywa’s neobank app is developed to operate like the regular bank system that offers prepaid card issuance for seamless transactions. Since there is no age limit mandated on Zywa’s neobank network, parents can assist their kids to manage their stipends deposited in Zywa’s account for kids at the convenience of the neobank app cash management features.
Kumar said Zywa is a Gen-Z initiative developed for the Gen-Z population, “and we aim to grow our product as they grow, to be the only financial services platform they will ever need. The seed fund will help us focus on product, growth, and strategic partnerships to accelerate our efforts in the UAE and Egypt markets while prepping us to launch in Saudi Arabia by early 2023.”
In addition to introducing Zywa to a broader moneymaking market within MENA, the neobanker has plans of adding tweaks to modify Zywa’s social features to attract more FinTech users at the expense of rewarding their patrons via Zywa coins (Zyons) & Zywa gems (Zems). This is related to a cash-back initiative that rewards loyal customers for prudent financial transactions. Zywa’s Kumar revealed its reward features will receive innovative tweaks that tokenize both Zyons and Zems for P2P transfer.
Zywa neobank system poses as an inclusive financial initiative that allows users to share rewards along with fiscal cash.
The Zywa social neobank app will become more entertaining whereby users will be able to publish the items they paid for within the app for other users to ‘like and share’ how Zywa can be responsive with cash remittance and management. Zywa will also feature the value-added service that gives users within the 11-25 age bracket an edge to indulge in Zywa’s internship program rehashed to give back to the MENA society.