Dubai-based paytech Ziina raises $22m Series A ahead of ZiiCard launch
Dubai-based paytech start-up Ziina has raised $22 million in a Series A funding round led by Altos Ventures.
Dubai-based Ziina raises $22 million Series A funding
Supporting the round were Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP and Jabbar Internet Group, among other “top-tier investors”.
Launched in 2021, Ziina originally started out as a social peer-to-peer (P2P) payments app before expanding its services for businesses. The start-up has since developed a payment gateway for website checkout and POS solutions to enable small and medium-sized enterprises (SMEs) in the UAE to accept payments as it looks to “provide them with essential financial tools to enhance their operations and grow their businesses”.
Ziina, which also recently secured a Stored Value Facility (SVF) licence from the Central Bank of the UAE (CBUAE), states its next cycle of development will sport a specific focus on “perfecting outbound payments”.
“The first step in this direction is allowing businesses to control their expenditures through the ZiiCard,” it states.
Currently in development and set to launch “soon”, the ZiiCard aims to “transform how both businesses and individual customers manage and access their funds” with features including expense categorisation, split payments, and supplier payments.
Ziina also plans to expand its workforce with “additional hires from global tech giants and fintech innovators”, with the future aim of entering new markets like Saudi Arabia and Jordan.
Faisal Toukan, CEO and co-founder of Ziina, says: “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.”
