UAE’s Ziina Raises $22 Million to Expand Financial Services Beyond Payments
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Ziina, the UAE’s leading financial platform, has secured $22 million in a Series A funding round led by Altos Ventures, with participation from Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group. This funding will support Ziina’s expansion from payments into comprehensive financial services for both consumers and businesses.
Despite a global downturn in fintech funding, which saw investments plummet from $144.2 billion in 2021 to $40.7 billion in 2023, Ziina’s successful fundraising underscores its strong market position and investor confidence in its growth potential. Over the past year, the platform has experienced a surge in demand from SMEs, leading to a tenfold increase in annual revenue and a 34% month-over-month growth in clients.
Further solidifying its reputation, Ziina recently received the Stored Value Facility (SVF) license from the Central Bank of the UAE. This achievement positions Ziina as a trusted financial partner in the region, particularly among the 560,000 SMEs in the UAE, which represent over 94% of businesses and contribute around 60% to the country’s GDP. These businesses are increasingly adopting digital payment solutions, benefiting from Ziina’s 360-degree financial offerings.
Source: Startup Rise Asia
Ziina
Ziina is the UAE's first peer-to-peer payment app, allowing you to send and receive payments with just a phone number —no IBAN or swift code required. Accept cashless payments anywhere with Apple Pay, Google Pay, or card.
Middle East Venture Partners (MEVP)
MEVP, a prominent Middle East-focused venture capital firm, directs its investments towards innovative companies led by talented entrepreneurs across the Middle East, particularly focusing on the GCC and Levant countries.
Jabbar Internet Group
Jabbar, the team behind Souq and Maktoob, continues to grow and champion tech advancements in the UAE by embracing and supporting innovative entrepreneurs.
Y Combinator
Y Combinator is a startup accelerator that invests in a wide range of startups.
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