UAE-Based SME Fintech Ziina Secures $22 Million in Series A Funding

Ziina, a Dubai-based fintech startup, has secured $22 million in a Series A funding round led by Altos Ventures. This investment highlights strong investor confidence in the company's growth potential, despite the ongoing global funding slowdown.

Launched in June 2021 after securing $7.5 million in seed funding and graduating from the Y Combinator accelerator program, Ziina's fintech app now serves 50,000 retail and business customers. The company has reported a 34% month-over-month growth over the last fiscal year and is on track to achieve an annualized transaction volume of AED 1.1 billion.

Initially launched as a peer-to-peer (P2P) payment app designed for splitting bills, Ziina quickly identified demand among its business users for a broader range of financial services. In response, the company has expanded its offerings to include a payment gateway integrated with platforms like Shopify, point-of-sale solutions utilizing QR codes for in-person payments, and CRM functions to help businesses track customer interactions.

Although Ziina continues to operate its P2P platform, the majority of its users are now small to medium-sized enterprises (SMEs), which account for 94% of all companies in the UAE and approximately 60% of the country's GDP. With around 77% of UAE SMEs having adopted digital payments, there is a growing market for integrated platforms offering a wide range of financial services.

Ziina recently acquired a central bank license and plans to use the new funding to expand its services across the MENA region, develop new products like its upcoming ZiiCard, and build a dedicated sales team.

In addition to Altos Ventures, the Series A round saw participation from Activant Capital, Avenir Growth, Fintech Collective, FJ Labs, Jabba Internet Group, Middle East Venture Partners, and Y Combinator. This brings Ziina’s total venture funding to over $30 million since its inception in 2020.