UAE-based fintech, Zywa provides 10-to-25-year olds with a community-based app and a card to manage their money that has signed a strategic partnership agreement with Mastercard. Through this partnership, Zywa will cater to its Gen Z audience with a seamless payment 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 between Zywa and Mastercard 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.
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. Our vision is to simplify money management and foster financial literacy, and Mastercard’s invaluable support and capital backing will help us reach new heights. With Mastercard by our side, we’re proud to announce the launch of our Mastercard cards in the UAE, solidifying our position as the trusted payment solution for Gen Z and their families. Together, our ambition is to create the largest community of financially savvy individuals the region has ever seen. 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 with the platform going live in the UAE. By offering a seamless, smart money management system for the UAE’s youth, we are supporting their financial education journeys and ensuring that the next generation is equipped with the right tools and resources to participate in the digital economy.”
Zywa is not just a tool for digital payments, it is a gateway to financial literacy and empowerment. The app is designed by Gen Z for Gen Z, and aims to revolutionize the way young people learn about money. Instead of traditional classrooms and sessions, Zywa offers a hands-on approach through learning by doing, in-app games, and practical experiences. Not only does it provide convenient access to digital payments for Gen Z and their parents, but it also fosters a community where young people can learn from each other and from experts to cultivate their financial acumen.
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. By signing up, they also join the largest community of Gen Z and unlock a gamified world of financial literacy, as they interact and earn rewards. Parents of teenagers (under 18 years old) play a key role in approving their journey towards a cashless future by allowing them to get a Zywa card and conveniently sending them money and automating their allowances through the app.
Zywa is now live in the UAE with additional markets to follow soon, including Egypt and Saudi Arabia.