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UAE-based fintech Ziina secured USD 22 mn in a series A funding round, according to a press release. The funding was led by US-based Altos Ventures, with participation from Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group.
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Where is the money going? Ziina will use the cash injection to invest in its technology and product offerings, shifting its focus to outbound payments. The company is developing what it’s calling the “ZiiCard” to allow businesses to manage expenses and supplier payments. For individuals, the ZiiCard will feature expense categorization and payment splitting. The ZiiCard is currently in development and will be launched soon.
REMEMBER- Ziina obtained a stored value facility license from the Central Bank of the UAE last month, allowing it to offer a wider range of financial services to its customers, including peer-to-peer payments, bill payment, QR code payments, and prepaid card services.
What’s Ziina? Founded in 2020 by Faisal Toukan (LinkedIn) and Sarah Toukan (LinkedIn), Ziina allows users to send and receive payments through its app using only a phone number — no IBAN or Swift code needed. The startup offers a payment gateway for online checkout, POS systems, and a digital wallet.
