Fintech Startup Zywa Nets Pre-Seed Funding Of $1M Backed By Global Enabler Y Combinator
Dubai-based FinTech startup Zywa is all geared up to provide the latest Fintech services for Web 3.0, and widely popular NFTs.
With FinTech and new-age technologies establishing themselves in the virtual and cashless economy. Web 3.0, is also going to change the way we comprehend, work, transact and interact. As there will be no requirement for any central points of control for data to be stored and categorized.
Additionally, distributed ledger technologies such as blockchain will nurture and support the decentralized network’s storage and security. In short, demanding and also challenging the Fintech world to change itself with these latest technologies to facilitate its users. One such startup Zywa backed by Y- Combinator, which is all prepared to deliver the next generation of FinTech catering for Web 3.0, and NFT.
Founded in 2021, the startup mainly targets Gen Zs, the people between the age of 11-21 years old. In addition to Y Combinator, the strategic investors from the Middle East to the United States also participated to provide financial backing to the startup. With the participants of executives from Amazon, Google, Netflix, Morgan Stanley, and McKinsey. Zywa is also part of Y combinators Winter batch 2022.
MENA is one of the budding regions in Fintech growth. As per the projections, by the end of this year in the Middle East, UAE will be at the forefront of Fintech startups. Also, Basel Moftah of Global Ventures and Rabih Koury from MVEP indicated the expediated growth in the FinTech industry but in crosshairs with Web 3.0.
Furthermore, recorded in Magnitt’s State of Startup Funding -2022 Emerging Venture Markets Free Report, Fintech was positioned as the industry of choice across the Emerging Venture Markets. Thus, this sector also witnessed 550% Year on Year growth in VC funding over 2021.
The young startup is founded by young entrepreneurs Alok Kumar and Nuha Hashem. Alok Kumar, Co-founder, and CEO of Zywa sharing his vision regarding Web 3.0, and the everchanging landscape of cashless economy said
“Gen Z will be the most active segment in the workforce during the next decade, and our vision is to build a platform that will not only help them go cashless but also facilitate their interaction with Web 3.0. It is quite humbling to be a part of Y Combinator and we are excited that Zywa is among the very few companies that are selected globally. We believe Y Combinator’s mentorship, extensive network, and access to strategic global capital will be a catalyst to propel us towards our vision at a faster pace.”
Indubitably, the contribution of Blockchain in this rapidly changing industry of Fintech is also undeniable. As of last year, a Fintech startup Almond integrated with blockchain technology established its services to improve digital transactions. Thus these new technologies are going to change the Fintech market .
And the startups like Zwya which give fintech services in relation to NFTs, and Web 3.0 technology are going to be immensely successful. As recently the Zwya team has secured strategic partnerships in Egypt and UAE.
The app is already available on the App store where parents and teams can join the waitlist. Furthermore, the startup aims to launch in Egypt and UAE soon plus go live in Saudi Arabia in 2023 with robust capital funding.