UAE’s Ziina Raises $22 Million to Expand Financial Services Beyond Payments

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