UAE – Ziina, the UAE’s leading financial platform supporting consumers and businesses, has raised $22 million in a Series A funding round led by US-based Altos Ventures, according to a press release.

The fundraising transaction also included the participation of Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group.

This funding will fuel Ziina’s expansion beyond a payment solution to providing end-to-end financial services for businesses and consumers across the Middle East. It will also accelerate the platform’s technological advancements and product innovations.

Ziina serves a market of 560,000 SMEs in the UAE, which make up over 94% of all companies and contribute about 60% of the country’s GDP.

Faisal Toukan, CEO and Co-Founder of Ziina, commented: "Ziina is positioned at the intersection of three key pillars: we see strong customer demand from the underserved SME sector, we have obtained the SVF license from the Central Bank of the UAE, and we have secured substantial funding from top-tier investors that we’re excited to be partnering with over the long term. “

“This funding will accelerate our journey from a payment platform to an end-to-end financial services provider, enhancing our offerings and expanding our reach across the Middle East,” Toukan added.

Dillon Krasnigor, Partner at Altos Ventures, said: "We believe Ziina will become a significant financial services provider in the Middle East. We commend The Central Bank of the UAE for embracing innovation within the fintech space by granting Ziina the SVF license.”

All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).