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UAE-based Ziina raises $7.5 million in latest funding round

The country’s first Peer-to-Peer payment solution raised international capital to fuel growth of its new wallet and expansion to Saudi Arabia

In just over one year, the company has raised over $8.6 million in capital Ziina plans on using the proceeds to launch its highly anticipated wallet application with over 20,000 verified users In January 2021, Ziina was accepted into Y-Combinator’s (YC) three-month accelerator program

Ziina, the UAE’s first Peer-to-Peer (P2P) payment application, which is backed by Y-Combinator (YC), announced its latest funding round of $7.5 million. The round which closed in May 2021 will help the company launch its new wallet service and fuel its expansion into Saudi Arabia.

Ziina’s latest seed round is led by Avenir Growth Capital and Class 5 Global with participation from Wamda Capital, FJ Labs, Graph Ventures, Goodwater Capital, Jabbar Internet Group, and Oman Technology Fund’s Jasoor Ventures.  

Ziina plans on using the proceeds to launch its highly anticipated wallet application with over 20,000 verified users on the waiting list.

Ziina new round gathers US investors, regional investors, and global fintech founders. The firms’ new partners have invested in the most promising global fintechs.  

Founded in 2020 by Faisal Toukan, Sarah Toukan, and Andrew Gold, Ziina is the latest addition to the Middle East’s fintech ecosystem and is capitalizing on the region’s rapid adoption of fintech friendly regulation. Ziina offers its users in the UAE 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 2021, Ziina was accepted into Y-Combinator’s (YC) three-month accelerator program, where the team gained access to a vast network and a range of highly experienced mentors.

Ziina has built a world-class team with experience across the top global technology firms including Apple, Uber, Stanford, Coinbase, Careem, Oracle, and Yandex. Ziina intends to use its new funding to recruit stellar hires to fuel its regional expansion.

Faisal Toukan, CEO and Co-Founder of Ziina, comments: “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. 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.”          

Faisal adds:

“We are in constant conversation with our users to find creative ways to make their payments experience natural and delightful. As a result, the social aspect of payments is has become the focal point of our product. We are building an experience where our customers can benefit from having their families and social circles on the app.

In the future, we want Ziina to be the centerpiece of people’s finances, inspiring our users to take control of their money and offering them new possibilities to grow their wealth.”