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THE WORK LIFE PLATFORM

INVESTOR DECK

STRICTLY PRIVATE & CONFIDENTIAL

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The pain of being an employer in the Middle East is

increasing.

MORE EXPENSIVE
The 2nd highest cost of employment after salaries has
become health insurance, which is now mandatory for all
In the ‘post-oil’ era, SMEs will fuel
employers.
economic growth.
Governments want SMEs to be more MORE COMPLICATED
attractive employers. In the last three years, over 20 major regulatory changes
So now, managing employees has in employment laws have been enacted in the UAE and
become… KSA.

MORE DEMANDING
67% of employees say that employers do not automate
processes to improve the employee experience.
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To keep up with the changing landscape, companies need

a new kind of HR platform.

Platforms need to be: What companies in the Middle East use for HR
and payroll:

LOCALIZED
Each country has its own set of regulations and different
partner integrations.

COMPREHENSIVE
SMEs can not afford or manage multiple platforms.

EMPLOYEE-CENTRIC
In a hybrid work environment, the employee experience
has evolved from the physical, to the digital.
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The market opportunity is big.

We are currently in the UAE and Saudi Arabia and in 2022 generated USD 11m of net
revenue from 1,500 companies.

2.8 million
companies in our
2,865,554
customer segment
No. of SMEs

UAE & Saudi Arabia

USD 10bn
Addressable Market
1,353,857

755,265

365,000 307,067
56,365 28,000 24,452

Egypt South Africa UAE Saudi Arabia Oman Kuwait Qatar Total
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And is getting even bigger.

Our addressable market in the UAE and Saudi Arabia will grow from USD 10 billion
to USD 19 billion by the end of 2030.

No. of SMEs 2022 Breakdown

(in USD millions)
2,280,000
SAUDI
UAE
ARABIA

Addressable Market 4,799 5,027

1,140,000
1,000,000 Health insurance 903 715

557,000 Other insurance 1,037 751

429,026
350,000
HR and payroll software 1,027 1,024

Corporate Cards 1,074 1,851

2016 2022 2030
Other 756 687
UAE Saudi Arabia
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Our mission

To make a world-class employee experience accessible to every company.

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HR FINTECH
SOFTWARE
HOW WE ACHIEVE IT

PAYROLL EMPLOYEE
BENEFITS
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Companies run their HR processes on Bayzat.

HR SOFTWARE
Tech that handles your admin so
your HR team can be more human,
and more productive.
• Employee records and role management
• Time off requests
• Attendance tracking
• Shift scheduling
• Time sheets
• Letter requests
• Newsfeed
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We become their primary system of record.

PAYROLL
Automate your payroll system and
offer your employees more through
work.
• Payroll calculations

• Payroll processing

• Expense management

• Reimbursements and approvals

• Multiple currencies
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We build fintech services that leverage our ‘system of

record’ status.

HEALTH INSURANCE SAAS CORPORATE

INSURANCE CROSS-SALES SUBSCRIPTIONS CARDS & AP

• +$5M revenue • +$2M revenue • +$3M revenue • Launching in Sep 2023

• +100% net revenue • 75% profit margin • Introduced in Apr 2021 • Revenue model is 70%
retention • 86% of customers of interchange fees
• Mandatory benefit moved from freemium • Credit opportunities
employers must to paid plans.
provide • +100% net revenue
retention

We’ve successfully scaled PRIVATE

multiple revenue streams PENSIONS

• Will become a
mandatory employer
benefit in 2024
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We then build experiences to be the center of employee

engagement.

EMPLOYEE BENEFITS
Benefits that improve your employees’
health and financial well being, which
improves your business.
• Free mental health consultations
• Online doctor
• Prescription fulfillment
• Book a doctor
• Employee Perks
• Fitness and wellness
• Credit solutions
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Our customers love us.

We currently serve 1,800 companies and over Number of times customers use our platform
135,000 employees in the UAE and Saudi Arabia. every month.

Professional Services - 18%

3m
Technology - 12%
Trading - 9%
Food & Beverage - 8% 11,500%
Retail - 4% GROWTH
Healthcare - 4%
Consumer Services - 4%
Financial Services - 4%
Construction - 4%
Other - 30%

We focus on knowledge-based companies with 20 to

1,000 employees.

4.7 4.8
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We’ve established strong fundamentals and momentum.

Financials
(in USD)

2021 2022 2023

Net Revenue 6,170,277 10,539,106 16,200,000

Gross Profit 4,501,367 7,963,376 13,890,000

Operating Expenses (9,185,775) (15,423,171) (18,700,000)

EBITDA* (4,684,408) (7,459,795) (4,800,000)

*EBITDA is -$70k or higher (incl. positive) from Sep-23 onwards

 We generate high quality revenue.
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Net revenue by line Net revenue retention

(in USD)

2% 115%
17% 103%
28% 29% 38%
25% 83% 84%
23% 15%
70%
58% 49% 47%

2020 2021 H1'22 H2'22

Group Health Insurance Other Insurance HR & payroll subscription fees 2019 2020 2021 2022

Unit economics Revenue concentration

in USD Q1’21 Q3’21 Q1’22 Q3’22 Q4’22 CUSTOMERS % OF NET REVENUE

CAC 2,425 3,233 2,573 3,316 3,580 Top 2 2.5%
First Year Revenue 2,642 4,608 2,962 3,950 4,410 Top 5 4.9%
Top 10 7.6%
Life Time Revenue 14,336 27,311 25,267 35,882 41,202
Top 20 11.2%
LTV / CAC 5.9x 8.4x 9.8x 10.8X 11.5x Top 50 18.7%
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We are on a different playing field than the competition.

High
WE SOLVE BIGGER PROBLEMS
We help employers with their core job of managing and
engaging their people. Our competitors have a singular, more
narrow focus - making HR software or being an insurance
broker.

WE LEVERAGE UPSTREAM OPPORTUNITIES

Localization
Being the system of record, we are the center of our
customers’ ecosystem when it comes to people. We leverage
this status to create revenue opportunities, such as health
insurance.

WE’VE SET A HIGH BAR

For any competitor to reach the same product depth as us, it
would take years and millions of dollars. We’ve set a very high

Low
bar, and are continuously raising it higher.

Narrow Employee-centric product Broad

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Our investors.

We have first-mover advantage, strong product-market fit Our shareholders

and operate in large markets (the UAE and Saudi Arabia).
We’ve raised USD 34 million to date. Our shareholders include:
Deploying capital to grow sales & marketing and to
continue differentiating our product will allow us to reach Global investors
scale and become a market leader.
Bayzat has also secured USD 15 million in venture debt as
part of the round.
Regional investors
Use of proceeds
Saudi Arabia
Broker
Acquisition
3%
Strategics
G&A
24% Sales &
Marketing
56%
Product &
Engineering
17%
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Our team
Talal Bayaa, Chief Executive Officer Ahmed Abdelrahman, Chief Technology Officer
• Co-founder. • Head of Engineering at an AI company.
• Investment banking & private equity • Tech Lead at Egypt’s leading telecom
experience. company.
• B.S. in Bioengineering from UCLA. • B.S. in Computer Software Engineering
• CFA Charterholder. from Alexandria University.
• MBA from London School of Business.

Brian Habibi, Chief Marketing Officer Rob MacTighearnain, Chief Financial Officer
• Co-founder. • 4 years in finance leadership positions at
• Marketing head at one of the top FMCG fintech companies.
brands in the Middle East. • Advisory and audit at KPMG
• B.S. in Business Administration from St. • Master of Accounting from University
Mary’s College. College of Dublin.

Tarek Bayaa, Chief Commercial Officer Ayman Kattan, Chief People Officer
• Co-founder. • 15 years experience in heading HR
• First Middle East employee to graduate departments.
from GE’s prestigious Corporate Audit • Bachelor’s in Human Resource
Staff program. Management.
• B.S. in Software Engineering from McGill • Master’s in Organizational and Coaching
University. Psychology from Heriot-Watt University.
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We will build a 150-million dollar a year business in just the

UAE and Saudi Arabia.

Our growth plans Net revenue by country

(in USDm)
in USD millions 2022 2023 2024 2025 2026

Net Revenue 10.5 22.2 47.8 95.5 151.0 250

Group Health
5.2 10.5 21.3 40.2 62.9 200
Insurance
Insurance Cross-
Sales
2.2 2.5 3.5 5.6 8.7 150
SaaS
Subscription 3.2 8.9 19.3 39.4 59.8 100
Fees
Corporate Cards 0.0 0.4 3.7 10.4 19.6 50

Gross Profit 8.0 20.2 44.3 89.6 142.5 0

EBITDA (7.5) (6.0) 10.8 32.8 51.8 2022 2023 2024 2025 2026 2027

Market Share 0.3% 0.7% 1.0% 1.9% 2.2% UAE Saudi Arabia Other countries
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For queries:
[email protected]