Ziina , a UAE-based financial platform supporting consumers and businesses, has secured USD 22 million in a Series A funding round. Details about Ziina's funding and expansion The fundraising transaction also involved Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group.

This funding will support Ziina’s expansion beyond a payment solution and help provide end-to-end financial services for businesses and consumers across the Middle East. Additionally, it will accelerate the platform’s technological advancements and product innovations. Ziina caters to a market consisting of 560,000 SMEs in the UAE, accounting for more than 94% of all businesses and contributing around 60% of the country's GDP.

According to Ziina representatives, their strategic position is supported by three factors: high customer demand within the underserved SME sector, possession of an SVF licence from the Central Bank of the UAE, and successful acquisition of significant funding from long-term partnerships with top-tier investors. Additionally, they also stated that this investment would expedite their transition from a payment platform to a full-service financial provider, upgrading their offerings and extending their reach throughout the Middle East. Ziina's function evolution Ziina was initially designed as a peer-to-peer (P2P) payment app for splitting bills, such as for group trips or rent.

Although the app garnered popularity among retail customers in the UAE, some business owners also started using the digital wallet for sending and receiving payments. Responding to this trend, Ziina naturally expanded its platform into two segments: Ziina Personal for splitting bills among friends and Ziina Business for managing payments. The initial business function enabled users to send payment links and receive payments through Apple Pay, Google Pay, Mastercard, and Visa.

To meet growing business demands, Ziina introduced a payment gateway, POS solutions for in-person payments, and payment options via social media. Ziina also added CRM features to help businesses track customer information and interactions. Source: Link .