Startup Spotlight: UAE-Based Equevu Is Helping Employees Save And Invest For The Future Through Salary Deductions "As a company focused on employee savings benefits, the rapidly evolving industry landscape demands continuous adaptation and forward-thinking solutions."

This article is part of an ongoing series covering startups that have been a part of the Mohammed Bin Rashid Innovation Fund (MBRIF) accelerator program.

As employers around the world find new ways to ensure talent retention, UAE-based employee benefit technology firm Equevu has come up with one such offering of its own: help employees save and invest for the future through salary deductions. "In today's business landscape, employers are facing challenges in attracting, motivating and retaining talent while employees are facing financial stress as they are not saving enough for the future," notes Equevu co-founder and CEO Hazem Abdelrahman. "What we offer at Equevu is a method that kickstarts a savings habit, positively impacting the lives of all employees! What's more, our company builds technology specialized in employee savings through salary deductions, with the option for employers to match employee contributions."

Launched in 2022 at the Abu Dhabi Global Market (ADGM), a financial center located in the UAE's capital city, the inspiration to create such a platform came about as a result of Abdelrahman's firsthand observations. "Having worked in the workplace savings and retirement field as an actuarial consultant in the UAE made me observe three themes, the first being that employees moving to the UAE are staying in the country longer than before and the majority don't know where and how to start to invest," he says. "The second is that employers that wish to offer their employees a savings solution through payroll deduction are faced with many limitations, such as expensive solutions with administration burdens. The third thing I noticed is that regulation changes are taking place in the GCC, whereby governments want to replace the end-of-service gratuity benefits with workplace savings solutions and encourage an increase in household savings rates. That is why my co-founders and I decided to build, using modern technology, a solution that is accessible to all, affordable, and simple."

Hazem Abdelrahman is the co-founder and CEO of Equevu. Source: Equevu

Equevu's services are thus demarcated into four distinct categories: first of which is its flagship workplace savings solution. The other three include the deployment of workplace or personal savings tools as a software as a service (SaaS), actuarial consulting which specializes in end-of-service benefits in compliance with IFRS (IAS19) which is the international accounting standard dealing with employee benefits, and, finally, employee financial wellbeing sessions to improve financial literacy within organizations.

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"As a company focused on employee savings benefits, the rapidly evolving industry landscape demands continuous adaptation and forward-thinking solutions," Abdelrahman notes. "By having a modular design to drive efficiency, scalability and enhance user experience, innovation allows us to deliver unparalleled value to our clients, ensuring we remain at the forefront of the industry and achieve long-term growth. We employ smart technology; we don't rely on it. We are here to unlock the world of savings and investments for employers and employees. Clients will always have access to our individual expertise, not just the technology."

Now, Abdelrahman's emphasis on his team's expert knowledge is not a one-off statement. In fact, when asked what Equevu's unique selling point is, the co-founder says his team is the "strongest element" of the startup's offerings. "Our team has subject matter experts who advise both governments and private entities in the UAE and the broader region on matters concerning employee savings and retirement programs," he adds. "In addition to a team of technology experts building the software and the tech stack, Equevu also exhibits speed and adaptability towards market needs. And finally, there's the innovation aspect! A fully digitized process like ours streamlines accessibility for both employers and employees. It eliminates onboarding hassles for employers, while enabling employees to set up their accounts in just one minute."

Source: Equevu

It is with this confidence that the startup, just two years since its inception, has already begun making considerable strides in the market. "Our company has recently reached a significant milestone by piloting our technology in collaboration with a financial institution, marking the beginning of our revenue generation journey," Abdelrahman reveals. "Our innovative solution is currently being tested in the workplace savings sector, where it is undergoing a thorough validation through all processes and application program interfaces (APIs). We are actively fundraising for our seed round, which will enable us to grow and scale our operations. As a lean and dedicated team of seven, we are fully committed to becoming a leading tech provider in the employee savings solutions and alternative end-of-service gratuity market. Our focus is both local and regional markets, positioning us strategically to capitalize on growth opportunities in these areas. With our current momentum, we believe we are well-positioned for long-term success, delivering significant value to our customers and stakeholders as we continue to expand and innovate."

Aiding Equevu's expansion plans is the MBRIF Innovation Accelerator program, the eighth cohort of which is currently underway. "Through the MBRIF, we gain access to a network of experienced mentors and industry experts who offer invaluable guidance, helping us overcome challenges and accelerate our progress," Abdelrahman says. "Beyond this support, the program connects us with a broad network of entrepreneurs, investors, and business leaders, unlocking opportunities for partnerships, collaborations, and market expansion. Additionally, being part of MBRIF enhances our credibility and validates our product, boosting investor confidence and encouraging investment in our company."

As such, Abdelrahman and his team are upbeat about what the future holds for Equevu. "Our journey began with a vision to create innovative technology that empowers employees to build credible savings plans for a secure future, fostering consistency and healthy savings habits," Abdelrahman says. "This vision led to the founding of Equevu. As an Abu Dhabi-based startup positioned within the dynamic tech ecosystem of ADGM, we are at the forefront of innovation, surrounded by a thriving community of tech professionals, startups, and seasoned mentors. Our greatest challenge -and simultaneously our end-goal- now lies simply in staying ahead of a rapidly evolving market while also educating stakeholders on the critical role our technology plays in managing plans that enhance employer productivity and support the financial well-being of employees."