Ziina Raises $22 Million in Series A Round
The round was led by US-based Altos Ventures.
Ziina, a financial platform based in the UAE, has raised $22 million in a Series A funding round led by US-based Altos Ventures. Other investors include Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group, as per an emailed press release to Inc. Arabia.
The funding will help Ziina expand from a payments platform to a provider of comprehensive financial services for businesses and consumers.
Over the past year, Ziina experienced a tenfold increase in annual revenue. The company has also acquired the Stored Value Facility (SVF) license from the Central Bank of the UAE (CBUAE).
Ziina serves 560,000 small and medium-sized enterprises (SMEs) in the UAE, which make up over 94% of companies and contribute about 60% of the country’s GDP.
The Series A funding will support Ziina’s technological developments and product innovations, including the upcoming ZiiCard. This card, which is in development, will help businesses manage expenses and simplify supplier payments, and offer features for individual users to manage their financial transactions.
Furthermore, Ziina plans to hire additional talent and continue its expansion into new markets, including Saudi Arabia and Jordan, aiming to enhance financial services in the region.