Sat, Nov 23, 2024 | Jumada al-Awwal 22, 1446 | DXB ktweather icon0°C

Hub71 startup Zywa partners with Mastercard to empower UAE youth to go cashless

Partnership aims to enable younger users with seamless money management and cashless payments experience

Published: Wed 8 Mar 2023, 3:48 PM

Updated: Fri 10 Mar 2023, 2:19 PM

Top Stories

Ngozi Megwa, Senior Vice President, Digital Partners and Enablers, EEMEA, Mastercard, (left) and Alok Kumar, Zywa’s Co-founder and CEO, sign the agreement. - Supplied photo

Ngozi Megwa, Senior Vice President, Digital Partners and Enablers, EEMEA, Mastercard, (left) and Alok Kumar, Zywa’s Co-founder and CEO, sign the agreement. - Supplied photo

Zywa, a UAE-based fintech, has signed a strategic partnership agreement with Mastercard.

Zywa provides 10-to-25-year olds with a community-based app and a card to manage their money. Through this partnership, Zywa will cater to its Gen Z audience with a seamless payments and money management experience, enabling them to save towards their financial goals, send and receive money, split the bill with friends, pay bills and shop online. Additionally, for teenagers under 18 years old, parents will be able to transfer money to their children’s accounts and have oversight on their spending and saving habits, which helps them build their financial literacy.

The partnership was initiated by Hub71, Abu Dhabi’s global tech ecosystem, as part of its efforts to support startups with commercial opportunities through its broad network of leading corporate and government partners.

Officials at the signing ceremony. - Supplied photo

Officials at the signing ceremony. - Supplied photo

Alok Kumar, Zywa’s Co-founder and CEO, said: “Partnering with Mastercard marks a thrilling milestone in our journey towards revolutionizing finance for the next generation. This strategic alliance provides us with a significant competitive advantage by leveraging Mastercard’s expertise and global network, giving us access to cutting-edge technology and expanding our reach to new markets and customers.”

Ngozi Megwa, Senior Vice President, Digital Partners and Enablers, EEMEA, Mastercard, added: “Zywa won the inaugural Mastercard Collaborate to Innovate Challenge 2022, which is designed for up-and-coming fintech startups submitting big and bold ideas across the EEMEA region. Therefore, our partnership is an exciting milestone in Mastercard’s efforts to create an inclusive, digital future for all. By offering a seamless, smart money management system for the UAE’s youth, we are supporting their financial education journeys.”

Zywa has raised a total of $4 million in funding from leading investors, both globally and locally, including Y Combinator, Goodwater Capital, Dubai Future District Fund, Trampoline Venture Partners, and more. The Zywa app is available to download for both Android and Apple users, from the App Store and Play Store, where Gen Z users can sign up in less than 5 minutes and get their payment cards instantly. Zywa is now live in the UAE with additional markets to follow soon, including Egypt and Saudi Arabia.



Next Story