In June 2021, Ziina, a fintech startup based in the United Arab Emirates (UAE), raised $500,000 in seed funding from Y Combinator and other investors. Since then, the company has been making significant strides in the fintech market, with a recent Series A funding round that has brought its total venture capital raised to over $30 million.
Series A Funding Round
Ziina’s latest funding round was led by Altos Ventures, with participation from Activant Capital, Avenir Growth, Class 5, FinTech Collective, FJ Labs, Jabbar Internet Group, JIMCO, Middle East Venture Partners, Y Combinator, and Zinal Growth. This investment brings Ziina’s total funding to over $30 million since its inception in 2020.
Expansion Plans
The funds raised from the Series A round will be used to fuel Ziina’s expansion plans in the UAE’s fintech market. The company aims to achieve 200,000 monthly active businesses on its platform within four years, a target that is ambitious but achievable given the rise of SMEs in the UAE.
Stored Value Facility (SVF) License
Ziina has also received a stored value facility (SVF) license from the Central Bank of the UAE, which allows it to offer more financial solutions, excluding lending. This license gives Ziina an edge over other regional fintech companies that provide overlapping financial services.
Competitors in the Fintech Market
Ziina faces competition from other fintech companies in the region, including Paymob, Tabby, Telda, and Mamo. However, its SVF license and financial ecosystem of products give it a unique advantage in the market.
Interview with CEO Andrew Gold
We spoke to Andrew Gold, CEO of Ziina, about the company’s plans for expansion and its vision for the future. According to Gold, "The Middle East seems to be growing quite strongly, especially regarding GDP growth. And the UAE is one of the pioneers in that… We intend to do that and be the Nubank of the region."
Market Potential
The UAE’s fintech market is rapidly growing, with a strong demand for digital payment solutions and financial services. Ziina’s expansion plans are ambitious but achievable, given the rise of SMEs in the UAE.
Conclusion
Ziina’s Series A funding round has brought its total venture capital raised to over $30 million since its inception in 2020. The funds will be used to fuel the company’s expansion plans in the UAE’s fintech market, with a target of achieving 200,000 monthly active businesses on its platform within four years.
About Ziina
Ziina is a fintech startup based in the United Arab Emirates (UAE). Founded in 2020, the company has been making significant strides in the fintech market, with a recent Series A funding round that has brought its total venture capital raised to over $30 million.
Key Highlights:
- Raised $500,000 in seed funding from Y Combinator and other investors
- Received stored value facility (SVF) license from the Central Bank of the UAE
- Expansion plans aim to achieve 200,000 monthly active businesses on its platform within four years
- Competes with other fintech companies in the region, including Paymob, Tabby, Telda, and Mamo
Contact Information:
For more information about Ziina, please contact:
Andrew Gold
CEO
Ziina
info@ziina.com
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