
UAE based Ziina Secures $22 Million in Series A Funding
UAE-based fintech Ziina has raised $22 million in Series A funding. Led by US-based Altos Ventures, this investment also includes notable investors like Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group.
Expanding Financial Services
Founded in 2020 by Faisal and Sarah Toukan, Ziina quickly became a major financial player. The app allows users to send and receive payments using just a phone number, eliminating the need for IBANs or Swift Codes. Ziina launched its digital wallet in February 2022. Moreover, the new funding will help Ziina expand from a payment solution to a full-service financial provider. The upcoming ZiiCard will showcase this growth.
Navigating a Challenging Market
Despite a drop in global fintech funding from $144.2 billion in 2021 to $40.7 billion in 2023, Ziina’s success highlights its strong market position and investor trust. Over the past year, Ziina has achieved a tenfold revenue increase and a 34% month-on-month rise in customers. The recent acquisition of the SVF license from the Central Bank of the UAE further boosts its credibility.
Meeting SME Needs
Ziina serves 560,000 SMEs in the UAE, which make up over 94% of businesses and contribute about 60% of the GDP. While 77% of UAE SMEs have adopted digital payments, 50% still face finance and cash flow challenges. Ziina’s solutions, including payment gateways and POS systems, aim to address these issues and support growth.
Driving Innovation and Growth
The $22 million Series A funding will boost Ziina’s tech and innovations. The ZiiCard will streamline business payments, while new features will enhance personal expense management. Faisal Toukan, CEO and Co-Founder, noted, “Ziina’s strong SME demand, SVF license, and investor support will drive fintech evolution in the UAE and beyond.
Attracting Top Talent
Ziina has attracted talent from tech giants like Apple, Uber, Nubank, Klarna, Coinbase, Amazon, FundingCircle, and Yandex. With the new funding, Ziina will also add experts from Revolut and Nubank, who played key roles in scaling their companies to valuations of $45 billion and $70 billion.