Ziina, the UAE’s premier financial platform for consumers and businesses, raised $22 million in Series A funding sponsored by Altos Ventures.
This round also includes notable investors Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group. This considerable capital will help Ziina expand beyond payments to end-to-end financial services for businesses and people.
Although there has been a downturn in global fintech fundraising, with investments falling from $144.2 billion in 2021 to $40.7 billion in 2023, Ziina’s successful funding round highlights the company’s strong market position and investors’ faith in its future growth. Ziina has seen a spike in SMEs for its 360-degree payment solutions in only the last 12 months, which has resulted in a tenfold increase in yearly revenue growth and a 34% month-over-month increase in client growth.
The fact that Ziina recently obtained the Stored Value Facility (SVF) license from the Central Bank of the United Arab Emirates reinforces these accomplishments and establishes the company’s standing as a reliable financial partner in the area.
Ziina caters to 560,000 small and medium-sized businesses (SMEs) in the United Arab Emirates, an underserved market. These SMEs, which account for more than 94% of all businesses and around 60% of the GDP of the nation, are progressively implementing digital payment methods.
In the UAE, 77% of SMEs as of 2023 have incorporated digital payments, which increased need for sophisticated financial management technologies. Despite these advancements, a recent PwC Middle East survey found that 50% of SMEs in the region still face major obstacles when it comes to managing cash flow and obtaining financing.
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They have access to vital financial tools from Company, such as POS systems and a payment gateway for online checkout, to improve their operations and expand their companies.
Ziina’s $22 million Series A funding will drive product and technology development. Ziina wants to change the Middle East financial services environment by offering customers a cutting-edge, secure, and user-friendly platform with this investment.
Ziina is perfecting outbound payments after seeing businesses utilize the platform to collect incoming payments from customers. The ZiiCard lets businesses track their spending, the first stage.
ZiiCard, in development and soon to debut, will revolutionize how businesses and individuals manage and access their finances by providing fast access to digital wallet balances.It simplifies supplier payments and expenditure management for enterprises. Expense categorization and split payments will improve financial security and ease for individual customers.
Faisal Toukan, CEO and Co-Founder of Ziina, emphasised, “Ziina is positioned at the intersection of three key pillars: we see strong customer demand from the underserved SME sector, we’ve obtained the SVF license from the Central Bank of the UAE, and we have secured substantial funding from top-tier investors that we’re excited to be partnering with over the long term. The intersection of these three pillars means that Ziina is uniquely positioned to lead the next evolution of fintech in the UAE and beyond. This funding will accelerate our journey from a payment platform to an end-to-end financial services provider, enhancing our offerings and expanding our reach across the Middle East.”
Ziina’s success relies on attracting top talent internationally. The startup employs top technologists from Apple, Uber, Nubank, Klarna, Coinbase, Amazon, FundingCircle, and Yandex. After receiving finance, Ziina is hiring from global digital titans and fintech pioneers like Revolut and Nubank, who helped scale their companies to $45 billion and $70 billion valuations, respectively.
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Strategic funding, a rising customer base, and an uncompromising dedication to innovation position Ziina to shape Middle Eastern finance. Ziina is rapidly becoming the region’s leading financial platform, empowering the economy and promoting a cashless society, with intentions to reach Saudi Arabia and Jordan.
About Ziina
Ziina is the fast, safe UAE money transfer service. They moves your money ahead whether you’re expanding your business or settling with friends. It aim to give every Middle Easterner financial freedom. Because access is a right, not a privilege. Licensed by UAE Central Bank.
