Ziina, a fintech platform based in the UAE, has successfully raised $22 million in a Series A funding round, led by Altos Ventures and supported by investors including Fintech Collective, FJ Labs, Avenir Growth, Y Combinator, and Jabbar Internet Group. This new funding will enable Ziina to broaden its scope from a payments platform to a comprehensive provider of financial services for businesses and consumers.
The latest investment comes amid a global downturn in fintech funding, highlighting strong investor confidence in Ziina’s growth potential and market positioning. Ziina has experienced significant growth in the past year, with a tenfold increase in revenue and a 34% month-on-month growth in its customer base. This surge is attributed to its innovative 360-degree payment solutions that cater primarily to small and medium-sized enterprises (SMEs) in the UAE. These SMEs represent over 94% of all businesses in the country and contribute approximately 60% to its GDP.
Image Courtesy: Ziina
With the Series A funding, Ziina plans to accelerate its technological development and product innovation. The company aims to transition from offering basic payment solutions to delivering a full suite of financial services. This move includes the launch of the ZiiCard, a new feature designed to provide businesses and consumers with greater control over their financial transactions. The ZiiCard will allow businesses to manage supplier payments and expenses more effectively, while consumers will benefit from enhanced security features and options for expense categorization and payment splitting.
Faisal Toukan, CEO and Co-Founder of Ziina, emphasized the company’s strategic positioning in the fintech market. “Ziina is uniquely placed to lead the next wave of fintech innovation in the Middle East. With strong demand from the SME sector, a crucial license from the Central Bank of the UAE, and substantial support from leading investors, we are well-equipped to enhance our offerings and expand our reach,” Toukan stated.
Sarah & Faisal Toukan | Image Courtesy: Ziina
The company’s growth strategy also includes plans to enter new markets in Saudi Arabia and Jordan, further establishing Ziina as a premier financial platform in the region. This expansion is supported by Ziina’s recent acquisition of a Stored Value Facility (SVF) license from the Central Bank of the UAE, solidifying its position as a reliable financial services provider.
Investors, like Dillon Krasnigor, Partner at Altos Ventures, express strong confidence in Ziina’s future. “We are impressed with Ziina’s consistent performance and its innovative approach to meeting customer needs. We believe Ziina is on track to become a significant financial services provider in the Middle East,” Krasnigor remarked.
As Ziina continues to grow, the company is committed to attracting top talent from around the world. Its team already includes professionals from major tech companies like Apple, Uber, and Amazon, and with the new funding, Ziina aims to further strengthen its workforce with experts from leading fintech firms such as Revolut and Nubank.
Looking forward, Ziina is poised to play a crucial role in driving financial innovation and economic empowerment in the Middle East, fostering a cashless society and empowering SMEs with advanced financial tools.
