Ziina, the UAE’s premier financial platform, today announced a successful $22m Series A funding round.
Leading the round was US-based Altos Ventures, alongside several other prestigious investors such as Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group. This funding marks a significant step in Ziina’s journey beyond mere payment solutions, aiming to provide comprehensive financial services for both businesses and consumers.
Ziina’s platform offers a variety of financial solutions aimed primarily at facilitating easier transaction processes for small and medium-sized enterprises (SMEs) within the UAE. This includes not only payment gateways and point-of-sale systems but also advanced financial management tools that address the critical needs for improved cash flow and finance access among SMEs.
The fresh capital injection will be utilised to propel technological advancements and product innovation within Ziina’s portfolio. Currently, Ziina is developing the ZiiCard, a novel payment solution that promises to revolutionise how businesses and individual consumers manage and access funds. This includes new features for expense management and transaction security which are anticipated to significantly enhance user experience and operational efficiency.
Moreover, the company has been successful in recruiting top-tier talent from global tech giants to drive its growth initiatives. This strategic enhancement of its workforce is expected to further Ziina’s capabilities in delivering cutting-edge financial services.
Faisal Toukan, CEO and Co-Founder of Ziina, emphasised the strategic positioning of the company: “Ziina is positioned at the intersection of three key pillars: we see strong customer demand from the underserved SME sector, we’ve obtained the SVF license from the Central Bank of the UAE, and we have secured substantial funding from top-tier investors that we’re excited to be partnering with over the long term. The intersection of these three pillars means that Ziina is uniquely positioned to lead the next evolution of FinTech in the UAE and beyond. 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.”
Reflecting on previous achievements, Ziina has already made significant strides in the FinTech sector. Prior to this round, the company had shown a robust tenfold increase in annual revenue growth and a 34% month-on-month increase in customer growth, all within the last 12 months.
Dillon Krasnigor, Partner at Altos Ventures, also shared his views on the investment: “We’re excited to partner with the Ziina team for the next phase of their growth. We’re impressed with the company’s ability to secure the SVF license from the UAE government, its consistent performance, and its ability to build an innovative product suite to meet its customers’ needs. We believe Ziina will become a significant financial services provider in the Middle East. We commend the Central Bank of the UAE for embracing innovation within the FinTech space by granting Ziina the SVF license.
Looking forward, Ziina’s strategy includes potential market expansions into Saudi Arabia and Jordan, reinforcing its ambition to dominate the financial services sector in the region.
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