Launched in 2021, Zwya has caught the eye of global investors for its $1 million pre-seed round.
Dubai-based fintech and teen Neobank Zywa has closed a $1 million pre-seed in coalescence with top global investors such as Google, Amazon, Netflix, McKinsey, Morgan Stanley as well as a grand collection of domestic bankers and entrepreneurs.
Built by “Gen Z for Gen Z”, Zywa empowers adolescents to take charge of their financial freedom. By enabling teens to carry their own money and bank cards, the fully-integrated financial tool makes possessing money more tangible and legitimizes young people’s financial liberty. The app stimulates financial proficiency by facilitating a widespread understanding of savings; further codifying their empowerment goals. The interest-free and fees-free business model makes it a safe and secure banking method perfectly suitable for young audiences.
“Gen Z will be the most active segment of the workforce over the next decade, and our vision is to build a platform that not only helps them go cashless but also makes interactions with Web systems easier,” Alok Kumar, co-founder and CEO, said. “When we started in 2021, our priority was to build a solution suitable for teenagers and their parents in the region. We have assembled an in-house tech team and developed a product that is available in English and Arabic, free of charge, and that can boost teens’ financial literacy through a learning-by-doing approach.”
The extensive platform also acts as an interactive social space whereby teens can negotiate amongst their friends, earn rewards; furthermore, acquiring a collection of NFTs under their belt. Zywa places ample focus on guidance. “We believe that the mentorship, the vast network, and the access to strategic global capital from Y Combinator will be a catalyst to propel us towards our vision at a faster pace,” Kumar elaborates, cementing their constitutional principles and further showcasing their attentiveness and passion.