Dubai FinTech startup Ziina raises $7.5 million ahead of mobile wallet launch


Ziina
, the Y Combinator-backed FinTech startup from Dubai has announced that it raised $7.5 million in its latest funding round led by Avenir Growth Capital and Class 5 Global.

A number of high-profile regional and global investors including Wamda Capital, FJ Labs, Graph Ventures, Goodwater Capital, Jabbar Internet Group, and Jasoor Ventures, among others, also participated in the round.

Prior to this the startup had raised $850,000 in a pre-seed round, which was followed by the accumulation of an undisclosed amount during the company’s seed round.

Ziina was founded in 2020 as the COVID-19 pandemic started making a global impact on multiple fronts. The startup started its journey with a payment app that enabled consumers to link their local bank accounts in the UAE and transfer money to any contact without having to use details such as SWIFT codes or even account numbers.

Following the success of the app, Ziina is now developing a mobile wallet that will fully replace the payment app. The wallet, in collaboration with a partner bank, will allow users to open digital accounts to store funds.

“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 has become the focal point of our product,” said Faisal Toukan, co-founder of Ziina.

“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.” 

As of June 2021, Ziina has a total of 20,000 verified users on the waitlist for the forthcoming mobile wallet.

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