Bayzat, a Dubai, United Arab Emirates-based company providing a free platform for human resources (HR), payroll and employee benefits, raised $16m in Series B funding.
The round was led by Point72 Ventures with participation from Mubadala Capitals, Elm, Greyhound Capital, Endeavor Catalyst, and Tech Invest Com.
The company, which has now raised a total of $31m, intends to use the funds to invest in its technology and customer experience.
Founded in 2013 by Tarek Bayaa, Brian Habibi, & Talal Bayaa, Bayzat is a free online platform designed to allow companies to manage and automate HR administration, payroll and health insurance, streamlining processes for HR and finance teams.
Earlier this year, the company launched its own fintech products including EarlyPay on its platform to give employees benefits that may not be otherwise accessible to them given the size of their companies.
Bayzat counts local companies such as DMCC, The Luxury Closet and Deliveroo as customers.