Business

UAE-based payment app Ziina raises $7.5m

UAE-based payment app Ziina raises $7.5m

Dubai: The UAE peer-to-peer (P2P) payment app Ziina secured $7.5 million in its latest funding round. Funds raised will help the company launch its new ‘digital wallet’ service and fuel expansion into Saudi Arabia.

Ziina plans to channel its earnings towards launching its wallet application with over 20,000 verified users on the waiting list. Founded in 2020 by Faisal Toukan, Sarah Toukan, and Andrew Gold, Ziina is capitalising on the region's rapid adoption of fintech-friendly regulation. Ziina offers its users simplified P2P payment services, with plans to expand to Saudi Arabia and Jordan by 2022.

Its mission is to simplify finance for the Middle East.

In January, Ziina was accepted into Y-Combinator’s (YC) three-month accelerator programme, where the team gained access to a vast network and experienced mentors.

The company’s recent investors is led by Avenir Growth Capital and Class 5 Global with participation from Wamda Capital, FJ Labs, Graph Ventures, Goodwater Capital, and others. The round also includes Zinal Growth, the investment fund of Guillaume Pousaz, CEO of Checkout.com.

“This round will fuel our expansion plans into Saudi Arabia and support the launch of our highly anticipated wallet feature, which we will be introducing along with our new banking partner shortly,” said Faisal Toukan, CEO. “We will also use this financing to continue to attract top global talent to further elevate Ziina’s product and bring the application to the center of our users’ daily finances.”