Ziina Secures $22M Series A Funding for ZiiCard Launch In Dubai

05 Sep, 2024

Ziina Secures $22M Series A Funding for ZiiCard Launch In Dubai

Ziina, a Dubai-based paytech start-up, has raised $22 million in Series A funding, led by Altos Ventures. Other top-tier investors in the round included Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group. Launched in 2021, Ziina initially offered a social peer-to-peer (P2P) payments app but has since expanded its services to include a payment gateway and POS solutions for small and medium-sized enterprises (SMEs) in the UAE.

The start-up aims to enhance business operations and growth through its financial tools. Recently, Ziina secured a Stored Value Facility (SVF) license from the Central Bank of the UAE (CBUAE). The company is now focusing on perfecting outbound payments, with its next major development being the ZiiCard. Set to launch soon, the ZiiCard will feature expense categorization, split payments, and supplier payments, designed to improve fund management for businesses and individual customers.

Ziina also plans to grow its team by hiring from global tech and fintech sectors, with future expansion into markets like Saudi Arabia and Jordan. CEO Faisal Toukan emphasized that this funding will help Ziina evolve from a payment platform to a comprehensive financial services provider across the Middle East.