Since launching its fintech app in June 2021, Ziina has made significant strides in the UAE's financial technology landscape. After completing Y Combinator's 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. Fast forward three years, Ziina now boasts 50,000 retail and business customers and has successfully raised $22 million in Series A funding, led by Altos Ventures.
This new funding round is a testament to Ziina's robust growth and investor confidence, even amid a global slowdown in venture capital funding. 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. Recognizing the potential in the underserved SME market—which constitutes over 94% of all businesses in the UAE and contributes approximately 60% of the country's GDP—Ziina launched Ziina Business. This expansion allows businesses to collect payments through various channels, including payment links, POS systems, and social media platforms.
Ziina’s platform addresses critical pain points for SMEs: quick account setup, transparent pricing, and an intuitive user experience. The company’s pricing structure is straightforward, with competitive fees for payment processing and no hidden charges. The platform also features a comprehensive dashboard for tracking and reconciling payments.
Ziina’s rapid growth has largely been driven by its product-led approach. The company reports that 55% of its customers have come through organic channels, while the rest are referrals from B2B partnerships. As Ziina continues to scale, it plans to expand its team and enhance its financial services, supported by its recently acquired central bank license. This license positions Ziina to offer a broader range of financial solutions, excluding lending, and generate revenue from customer assets on the platform.
Looking ahead, Ziina aims to replicate the success of global fintechs like Nubank, targeting 200,000 monthly active businesses within the next four years. 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 Ziina’s 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.
