Ziina, a fintech startup based in Dubai, has secured $22 million in Series A funding, increasing its total funding to over $30 million. The investment round, led by Altos Ventures, reflects a strong belief in Ziina’s business model and growth potential despite a global slowdown in funding. Other prominent investors included Activant Capital, Avenir Growth, Fintech Collective, FJ Labs, Jabbar Internet Group, Middle East Venture Partners, and Y Combinator.
Ziina has evolved from a peer-to-peer payment app into a comprehensive financial platform catering to individuals and businesses, now serving 50,000 active customers including many small and medium-sized enterprises (SMEs). The startup’s growth has been driven by its focus on the unique financial needs of SMEs, which represent over 94% of UAE companies and contribute approximately 60% to the nation’s GDP. As of 2023, a significant 77% of SMEs have adopted digital payment solutions, highlighting their increasing reliance on such technologies.
Ziina’s platform now offers a range of financial services, including payment gateways, point-of-sale solutions, and integrations with major e-commerce platforms like WooCommerce and Shopify. These offerings have simplified payment processes for businesses, enabling them to efficiently track and reconcile transactions.
The startup’s recent acquisition of a stored value facility (SVF) permit from the Central Bank of the UAE marks a significant milestone, allowing Ziina to offer a broader range of financial services, excluding lending, and to generate revenue from customer deposits on the platform.
The innovative approach has driven rapid adoption, with Ziina processing approximately 1,050 dirhams every 60 seconds and projected to handle 1.1 billion dirhams in annualized transaction volume by the end of the year.
Looking ahead, Ziina plans to continue scaling its operations and expanding its product offerings.
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