UAE fintech Yuze bags $30m funding to propel expansion into new markets
UAE-based fintech start-up Yuze has secured a $30 million capital injection from Osten Investments to support its growth into new markets.
Yuze secures $30 million from Osten Investments
Founded in 2022, Yuze provides a digital platform that offers freelancers and small and medium-sized enterprises (SMEs) an array of financial services through partnerships with banks and FIs, including business accounts, bill payments, corporate expense cards, bank and P2P transfers, invoicing and analytics tools, and more.
The company says its platform helps simplify financial management for businesses, with the aim to “empower up to 1 million SMEs and professionals in the next five years”.
Speaking on the company’s new cash injection, Rabih Sfeir, founder and CEO of Yuze, states it “not only validates our mission” but additionally “enhances our ability to expand beyond the UAE and improve our offerings”.
“Our goal is to remove the barriers that SMEs and independent professionals face in accessing financial services, and we are making significant progress towards that,” he adds.
The firm indicates on its website that it plans to build-out its product range with features such as card controls and cryptocurrency solutions on the horizon.
Yuze’s announcement adds to the bustling UAE fintech scene, which has seen a flurry of recent activity. In July, UAE-based fintech start-up myZoi launched a financial inclusion-focused digital wallet complete with “one-to-many” transfer capabilities, while in May, Thimsa, a UAE-based fintech start-up on a mission to “simplify and accelerate payment processes” by embracing open banking, announced the beta launch of its payment management platform in the UAE and Bahrain.
