UAE-based P2P payments app Ziina has reportedly closed a pre-seed funding round on $850,000.
The investment was led by Class 5 Global, with additional support coming from Jabbar Internet Group and a number of angel investors, according to a report from Entrepreneur.
Ziina enables users to send and receive money securely, by simply selecting a person in their contacts list and sending whatever sum of money they decide. Its technology is built with bank-grade security and implements end-to-end security to protect users.
Its platform, which does not need IBAN or swift codes for sending money, is currently available on iOS and Android devices in the UAE.
The company hopes to support the change how people control their money in the Middle East.
In the future, the company plans to add QR code-based transactions, prepaid cards and utility payments, according to the report from Entrepreneur. Other plans include integrating robo-advisors and launching operations in Saudi Arabia in 2023.
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