UAE-based startup Ziina has raised $22 million in a Series A funding round led by Altos Ventures, with participation from Fintech Collective, FJ Labs, Avenir Growth, Y Combinator, and Jabbar Internet Group, among others.
Despite a global fintech funding slowdown, Ziina’s successful round highlights its strong market position. In the past year, the company has seen a tenfold increase in revenue and 34% month-on-month customer growth. The company recently acquired a Stored Value Facility (SVF) license from the Central Bank of the UAE, bolstering its credibility.
Ziina said the funding will help its vision of transitioning from a payments platform to a comprehensive financial services provider, starting with the upcoming ZiiCard. The company also plans to expand across the Middle East, including Saudi Arabia and Jordan.
Ziina serves 560,000 SMEs in the UAE, which contribute about 60% of the country’s GDP.
