Dubai-based fintech startup Ziina has secured $22 million in a Series A funding round led by US-based Altos Ventures, with participation from Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group. This brings Ziina’s total capital raised to over $30 million since its founding in 2020.
Ziina, founded by Faisal Toukan, Sarah Toukan, and Andrew Gold, initially launched as a peer-to-peer payment app for consumers but has since expanded its offerings to include a range of payment solutions for businesses, especially SMEs. Its services for businesses now include payment links, a payment gateway integrated with platforms like Shopify and WooCommerce, and in-store payment options using POS systems and QR codes.
The startup has seen tremendous growth over the past year, with annual revenue increasing tenfold and a 34% month-over-month rise in its customer base. Ziina is now processing over $300 million in annualized payment volume, doubling the $150 million processed the previous year.
With its new funds, Ziina plans to further develop its outbound payment services, starting with the upcoming ZiiCard. This card will help businesses manage supplier payments and improve expense tracking, while individual users will benefit from enhanced features like expense categorization and split payments.
Faisal Toukan, CEO and co-founder of Ziina, highlighted the company’s strategic position: “We see strong demand from the underserved SME sector, have secured the SVF license from the UAE Central Bank, and raised substantial funding from top-tier investors. These pillars position Ziina to lead the next phase of fintech innovation in the UAE and beyond.”
Dillon Krasnigor, Partner at Altos Ventures, expressed confidence in Ziina’s future: “We’re excited to support Ziina in its next phase of growth. Their ability to secure the SVF license, deliver consistent results, and create innovative products makes them a key player in the Middle East’s financial services sector.”
Ziina plans to use the new capital to expand its product offerings in the UAE and explore further growth in markets such as Saudi Arabia and Jordan.
