Dubai-based fintech Ziina has raised $22 million in a Series A round led by US-based Altos Ventures, it announced in a statement today. The round was also joined by Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group. The round takes total capital raised to date by Ziina to over $30 million.
Founded in 2020 by Faisal Toukan, Sarah Toukan, and Andrew Gold, Ziina started as a social peer-to-peer payments app for consumers but has since expanded its offerings to also include different products for businesses, mainly SMEs. Its payment solutions for businesses include payment links, a payment gateway with integrations for Shopify, WooCommerce, and POS and QR codes for in-store payments.
According to its website, the startup charges businesses 2.9 percent plus AED 1 (27 cents) for every payment gateway transaction, and 2.6 percent plus AED 1 (27 cents) for every other payment method.
Ziina’s annual revenue has grown tenfold over the last twelve months, and it has experienced a 34 percent month-over-month increase in its customer base, it said in a statement. Its CEO Faisal Toukan told TechCrunch that they’re processing annualized payments volume of over $300 million across business and personal segments, up form $150 million last year.
The YC-backed startup now also plans to focus on outbound payments, starting with ZiiCard, which will enable businesses and individual customers to access and manage their funds.
“For businesses, the ZiiCard will simplify supplier payments and enhance expense management. For individual users, new features like expense categorisation and the ability to split payments will greatly enhance both the security and convenience of their financial transactions,” noted a statement by Ziina, adding that the card is currently in development and will be launched soon.
Faisal Toukan, co-founder and CEO of Ziina, said, “Ziina is positioned at the intersection of three key pillars: we see strong customer demand from the underserved SME sector, we’ve obtained the SVF license from the Central Bank of the UAE, and we have secured substantial funding from top-tier investors that we’re excited to be partnering with over the long term.”
“The intersection of these three pillars means that Ziina is uniquely positioned to lead the next evolution of fintech in the UAE and beyond. This funding will accelerate our journey from a payment platform to an end-to-end financial services provider, enhancing our offerings and expanding our reach across the Middle East,” he added.
Dillon Krasnigor, Partner at Altos Ventures, said, “We’re excited to partner with the Ziina team for the next phase of their growth. We’re impressed with the company’s ability to secure the SVF license from the UAE government, its consistent performance, and its ability to build an innovative product suite to meet its customers’ needs. We believe Ziina will become a significant financial services provider in the Middle East.”
The startup plans to use the latest funds to expand its offerings in the United Arab Emirates and explore expnasion into other markets of the region, including Saudi Arabia and Jordan.
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