– UAE-based fintech Ziina has raised $22 million in Series A funding, led by Altos Ventures, to expand its financial services offerings beyond payment solutions.

– Ziina’s recent acquisition of the Stored Value Facility (SVF) license from the Central Bank of the UAE strengthens its position as a trusted financial partner in the region.

– With a focus on serving SMEs, Ziina plans to enter new markets like Saudi Arabia and Jordan, aiming to become the Middle East’s leading financial platform.

Ziina, a UAE-based fintech platform, has secured $22 million in a Series A funding round led by Altos Ventures.

The company plans to use the funds to expand beyond its current payment solutions, aiming to provide comprehensive financial services to both businesses and consumers across the Middle East. This move aligns with Ziina’s broader vision of transforming the region’s financial services landscape.

The funding round saw participation from notable investors, including Jabbar Internet Group, Fintech Collective, Y Combinator, Avenir Growth, Activant Capital, FJ Labs, and MEVP. These investments further strengthen Ziina’s position in the market, especially following its recent acquisition of a Stored Value Facility (SVF) license from the Central Bank of the UAE. This license underscores Ziina’s credibility as a reliable financial partner in the region.

Faisal Toukan, CEO and co-founder of Ziina, said, “Ziina is positioned at the intersection of three key pillars: we see strong customer demand from the underserved SME sector, we’ve obtained the SVF license from the Central Bank of the UAE, and we have secured substantial funding from top-tier investors that we’re excited to be partnering with over the long term. 

He explained the intersection of these three pillars means that Ziina is uniquely positioned to lead the next evolution of fintech in the UAE and beyond.

“This funding will accelerate our journey from a payment platform to an end-to-end financial services provider, enhancing our offerings and expanding our reach across the Middle East,” said Toukan.

Dillon Krasnigor, Partner at Altos Ventures, said: “We’re excited to partner with the Ziina team for their next growth phase. We’re impressed with the company’s ability to secure the SVF license from the UAE government, its consistent performance, and its ability to build an innovative product suite to meet its customers’ needs.

“We believe Ziina will become a significant financial services provider in the Middle East. We commend The Central Bank of the UAE for embracing innovation within the fintech space by granting Ziina the SVF license.

As digital payment integration continues to rise among SMEs in the UAE, Ziina is well-positioned to meet the growing demand for advanced financial management solutions, contributing to the region’s economic empowerment and the transition towards a cashless society.