Ziina Secures $22M Amid Rapid Growth in UAE’s Fintech Market for Small Businesses

Three years after its initial launch to 20,000 retail users, Ziina, a Dubai-based fintech startup, has expanded its services to include micro, small, and medium-sized enterprises (SMEs) and now serves 50,000 customers. The company recently secured $22 million in Series A funding, led by Altos Ventures, reflecting investors’ confidence in its strong growth trajectory.

Ziina, originally a peer-to-peer payment app, has evolved to address the needs of SMEs by offering a comprehensive platform that includes payment gateways, point-of-sale solutions, and customer relationship management tools. This shift has fueled a 34% month-over-month growth in its customer base over the past year, with revenues increasing ten-fold.

CEO Faisal Toukan attributes Ziina’s success to three key factors: the booming SME segment in the UAE, the company’s product-led growth strategy, and its recent acquisition of a central bank license. This license allows Ziina to offer a wider range of financial services, further solidifying its position in the competitive MENA fintech market.

With a new round of funding and plans to scale its offerings, Ziina aims to become the “Nubank of the region,” targeting 200,000 monthly active business users within the next four years.