Ziina Secures $22M Amid Explosive Growth
Summary
Since launching its fintech app in June 2021, Ziina has made significant strides in the UAEs financial technology landscape. After completing Y Combinators first cohort of the year and raising $7.5 million in seed funding, the Dubai-based startup introduced its app to 20,000 retail customers. The company has achieved an impressive 34% month-over-month growth in customers and has seen its revenues increase ten-fold over the past year.Initially designed as a peer-to-peer (P2P) payment app, Ziina has evolved to cater to the diverse needs of small and medium-sized enterprises (SMEs) in the UAE. As Ziina continues to scale, it plans to expand its team and enhance its financial services, supported by its recently acquired central bank license. The Series A round also saw participation from Activant Capital, Avenir Growth, Fintech Collective, FJ Labs, Jabbar Internet Group, Middle East Venture Partners, and Y Combinator, bringing Ziinas total venture funding to over $30 million.With its innovative approach and strategic vision, Ziina is well-positioned to make a significant impact on the fintech sector in the MENA region and beyond.