Target Information

Ziina is a prominent fintech company based in the UAE, recognized for its innovative digital payment solutions. Founded in 2021, Ziina allows businesses to accept payments through multiple channels, such as websites, retail locations, in-person transactions, and social media. For individual users, the platform facilitates sending and receiving money via debit and credit cards, Apple Pay, and Google Pay. Notably, Ziina is one of the first venture-backed startups to obtain a Stored Value Facility (SVF) license from the UAE Central Bank.

With an impressive funding history, Ziina has raised over US$ 30 million to date and has rapidly transformed from a peer-to-peer (P2P) payment application into a comprehensive financial platform catering to both retail and business customers. The company has reached 50,000 active users and achieved noteworthy growth, reporting approximately 34% month-over-month expansion in its customer base and a ten-fold increase in revenue over the last year.

Industry Overview in the UAE

The fintech industry in the UAE is experiencing rapid growth, driven by increasing demand for digital financial services and innovative payment solutions. The UAE government's commitment to digital transformation has significantly contributed to the sector's expansion, implementing initiatives to foster a conducive environment for tech innovations. The country's strategic location as a financial hub plays a crucial role in attracting both regional and global investments, enabling startups to thrive.

Moreover, the UAE is witnessing a surge in financial inclusivity efforts, particularly in underserved segments of the population. With high smartphone penetration and a tech-savvy demographic, the adoption of digital payment methods is growing exponentially, with businesses and consumers alike embracing these solutions for convenience. This presents ample opportunity for fintech companies, like Ziina, to expand their offerings.

The COVID-19 pandemic has also accelerated the shift towards digital finance, prompting consumers and businesses to seek safe, efficient alternatives to traditional banking and payment methods. As a result, the demand for platforms that can provide seamless online transactions and financial management tools has surged, creating a fertile ground for innovative fintech solutions.

Rationale Behind the Deal

The US$ 22 million Series A funding round, led by the Jameel Investment Management Company (JIMCO), stands to significantly bolster Ziina's growth trajectory. This investment not only reaffirms JIMCO’s commitment to promoting financial inclusivity in the Gulf region but also enables Ziina to evolve its offerings beyond simple payment solutions.

The capital raised will fuel the launch of

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