Summary:
Ziina secures $22 million in Series A funding led by Altos Ventures.
The startup serves 50,000 retail and business customers in the UAE.
Targets an underserved market of 560,000 SMEs contributing 60% of the UAE's GDP.
Offers Ziina Personal and Ziina Business to cater to diverse customer needs.
Plans to expand financial solutions with the launch of ZiiCard.
In June 2021, Ziina, a Dubai-based startup, launched its fintech app, attracting 20,000 retail customers initially. Fast forward three years, and the company has expanded its offerings to serve 50,000 retail and business customers in the UAE, netting $22 million in Series A funding led by Altos Ventures.
Expanding SME Segment
Ziina started as a peer-to-peer (P2P) payment app for splitting bills, but as business demand grew, it evolved into Ziina Personal for consumers and Ziina Business for businesses. The platform now includes a payment gateway, POS solutions, and CRM functions, targeting the underserved 560,000 SMEs in the UAE that contribute about 60% to the country’s GDP.
Product-Led Growth
Ziina addresses three main pain points for SMEs: accessibility, cost transparency, and user experience. SMEs can set up accounts and payment processors in minutes, with straightforward pricing that includes 2.6% plus 1 AED for each transaction. The startup now processes about 1,050 dirhams ($280) every 60 seconds, aiming for 1.1 billion dirhams (~$300 million) in annual transaction volume.
With the recent central bank license, Ziina is positioned to offer more financial solutions and plans to introduce its card product, ZiiCard. The startup aims to become the Nubank of the region, targeting a future with 200,000 monthly active businesses on its platform. The Series A funding also saw contributions from several notable investors, bringing Ziina’s total venture funding to over $30 million since its inception in 2020.
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