Ziina banks $22M as growth explodes for the UAE-based fintech for small businesses
The Dubai-based startup, which now counts 50,000 retail and business customers in the UAE, has netted $22 million led by Altos Ventures.
In June 2021, Ziina, fresh from completing YC’s first cohort that year and securing a $7.5 million seed, launched its fintech app to 20,000 retail customers, allowing them to send and receive money.
Three years later, the Dubai-based startup, which now counts 50,000 retail and business customers byafter expanding its offerings to meet the needs of micro, small, and medium-sized businesses in the UAE, has netted $22 million in Series A funding led by Altos Ventures.
Indeed, such sizable follow-on funding despite the global funding slowdown underscores investors’ confidence in the fintech company’s growth — the company claims 34% month-over-month growth in customers for the last year, and says its revenues have increased ten-fold over the same period.
Co-founder and CEO Faisal Toukan told TechCrunch that three factors made Ziina particularly exciting to investors. They include the rapidly expanding SME segment in the UAE, its focus on product-led growth, and its recently acquired central bank license.
Expanding SME segment
Ziina originated as a peer-to-peer (P2P) payment app for splitting bills, such as for group trips or rent. While the app gained traction with retail customers in the UAE, some who ran businesses sought to use the digital wallet to send and receive payments, too, according to Toukan.
In response, Ziina organically expanded its platform into two segments: Ziina Personal for splitting bills among friends and Ziina Business for collecting payments. The first business feature allowed users to send payment links and get paid through Apple Pay, Google Pay, MasterCard and Visa.
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