United Arab Emirates-based Ziina raises $22 million in (Series A) funding round

Ziina, the UAE-based fintech company, has secured $22 million in a Series A funding round. The round was led by American firm Altos Ventures, with participation from investors such as Fintech Collective, FJ Labs, Avenir Growth, Y Combinator, and Jabbar Internet Group.

Founded in 2020 by Faisal Touqan and Sarah Touqan, Ziina targets individuals and the small to medium-sized business sector in the UAE, offering integrated solutions including an e-commerce payment gateway and point-of-sale systems.

Ziina is currently developing “ZiiCard,” a new service that will enable businesses to manage their expenses and simplify supplier payments. It will also offer individuals features like expense categorization and payment distribution.

The company plans to expand into new markets such as Saudi Arabia and Jordan, contributing to economic empowerment and a shift towards less cash-dependent societies.

Faisal Touqan, CEO and co-founder of Zina, stated: “Zina’s focus revolves around three key areas: increasing demand from the SME sector facing challenges, obtaining a Stored Value Facilities license from the Central Bank of the UAE, and successfully raising substantial funding from a group of prestigious investors with whom we look forward to a long-term partnership.”

It is worth noting that Ziina received $850,000 in a Pre-Seed funding round in May 2020, followed by $7.5 million in a Seed funding round in June 2021.