Fintech company Ziina secures $22 million in Series A funding to expand its business-focused payment platform in Dubai.
Ziina, a fintech startup based in Dubai, has secured a significant investment of $22 million in a Series A funding round led by Altos Ventures. This funding brings the total capital raised by Ziina to over $41 million.
The funding round, which also included participation from Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group, will be used to expand Ziina's offerings in the United Arab Emirates and explore expansion into other markets of the region, such as Saudi Arabia and Jordan.
Ziina started as a social peer-to-peer payments app for consumers but has since expanded to offer products for businesses, primarily Small and Medium Enterprises (SMEs). The startup's payment solutions for businesses include payment links, a payment gateway, integrations for Shopify, WooCommerce, and POS, and QR codes for in-store payments.
The recent funding will also help Ziina in its plans to focus on outbound payments, starting with the introduction of ZiiCard. ZiiCard will enable businesses and individual customers to access and manage their funds, offering features like expense categorization and the ability to split payments.
Altos Ventures, impressed with Ziina's ability to secure the SVF license from the UAE government, believes that Ziina will become a significant financial services provider in the Middle East. Dillon Krasnigor, Partner at Altos Ventures, expressed excitement for the next phase of Ziina's growth.
The startup has experienced a 34 percent month-over-month increase in its customer base and has seen its annual revenue grow tenfold over the last twelve months. Ziina charges businesses 2.9 percent plus AED 1 for every payment gateway transaction, and 2.6 percent plus AED 1 for every other payment method.
Ziina aims to enhance its offerings and expand its reach across the Middle East, positioning itself as a comprehensive financial services provider in the region. With the recent funding, the fintech startup is well-positioned to achieve its goals and make a significant impact in the financial services industry.
- The recent funding from Altos Ventures, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group, aimed at expanding Ziina's offerings, will also be utilized to explore technology advancements, such as the development of ZiiCard.
- As Ziina continues to expand its financial services in the Middle East, the startup plans to leverage technology to provide innovative solutions like ZiiCard, offering features such as expense categorization and payment splitting, thereby positioning itself as a tech-driven comprehensive financial services provider in the region.
