Can Ziina’s US$22M Funding Fuel the Next Big Fintech Revolution?
Ziina, a leading financial platform in the UAE, has just raised US$22 million in a Series A funding round. This round was led by Altos Ventures from the US, with other notable investors including Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group. This significant investment will help Ziina expand its services beyond just payments to offer a complete range of financial solutions for both businesses and consumers.
Despite a global slowdown in fintech funding—from US$144.2 billion in 2021 to US$40.7 billion in 2023—Ziina's successful funding round highlights its strong market position and the confidence investors have in its future. Over the past year, Ziina has seen a dramatic increase in revenue and customer growth, thanks to its comprehensive payment solutions. Their recent acquisition of a Stored Value Facility (SVF) license from the UAE Central Bank further cements their role as a trusted financial partner in the region.
Ziina is catering to a largely underserved market of 560,000 SMEs in the UAE. SMEs make up over 94 percent of all businesses and contribute about 60 percent of the country’s GDP. With 77 percent of SMEs in the UAE already using digital payments, there's a growing need for advanced financial management tools. However, many SMEs still struggle with access to finance and cash flow management. Ziina’s solutions, like their payment gateway and POS systems, provide essential tools to help these businesses manage their finances and grow.
The US$22 million in Series A funding will be used to advance Ziina's technology and develop new products. One of their upcoming innovations is the ZiiCard, which aims to revolutionise how businesses and individuals manage their funds. The ZiiCard will allow users to access their digital wallet balances instantly and will help businesses manage supplier payments and expenses more efficiently. For individual users, features like expense categorisation and payment splitting will make transactions more secure and convenient.
Faisal Toukan, Ziina’s CEO and Co-Founder, expressed excitement about the company’s position in the market. He noted that Ziina is well-positioned at the intersection of strong demand from SMEs, having secured the SVF license, and the backing of top investors. This combination sets Ziina up to lead the next wave of fintech innovation in the UAE and beyond.
Ziina’s success is also attributed to its team, which includes top talent from major tech and fintech companies like Apple, Uber, Nubank, Klarna, and Coinbase. With the new funding, they plan to bring in even more talent from global tech leaders to further drive their growth.
Dillon Krasnigor from Altos Ventures shared his enthusiasm about partnering with Ziina, praising their performance and innovative product offerings. He believes Ziina is poised to become a major financial services provider in the Middle East and commended the Central Bank of the UAE for supporting innovation in the fintech space.
Looking ahead, Ziina plans to enter new markets like Saudi Arabia and Jordan. With their strategic funding, growing customer base, and commitment to innovation, they are on track to becoming the leading financial platform in the region, driving economic growth and promoting a cashless society.
