UAE: Ziina, the UAE-based Peer-to-Peer (P2P) payment application, has raised Seed funding, led by OTF Jasoor Ventures, with participation from Class 5 Global, Long Journey Ventures, Graph Ventures, Jabbar Internet Group, FJ Labs, and Wamda.
The funding round coincides with Ziina’s acceptance into Y Combinator’s Winter 2021 batch, marking the third startup from the UAE to be recognized by the accelerator.
Founded in 2020 by Faisal Toukan, Sarah Toukan, and Andrew Gold, Ziina is the latest addition to the Middle East’s Fintech ecosystem and is capitalizing on the region’s rapid adoption of Fintech friendly regulation. Ziina offers its users in the UAE simplified P2P payment services, offering them an easier way to send and receive cash, with plans to expand to Saudi Arabia and Jordan by 2022.
The startup’s mission is to simplify finance for the Middle East. In the coming year, it plans to expand its product offering to include simplified payments for freelancers and small businesses, grow its team, continue to innovate in the UAE’s P2P payment space, and to begin its expansion to new markets.
Faisal Toukan, CEO and Co-Founder of Ziina commented, “The participation with Y Combinator is a game-changer for Ziina and we are thrilled that we have fallen into the very small bracket of companies who are accepted. We’re excited to tap into Y Combinator’s larger network, including its exceptional talent and investor pools. Furthermore, it also allows us to have access to mentors from top technology companies, which will propel Ziina to an even higher level when it comes to scaling our operations.