Ziina, initially recognized for its consumer application, has now introduced features aimed at businesses, providing instant payment solutions and aspiring to expand into financial services. Two years ago, Ziina was predominantly a consumer platform, enabling users to split bills and manage everyday payments like rent and groceries. However, the platform’s direction changed dramatically when businesses across the UAE began utilizing the app for payment processing.
“That was a pivotal moment for us,” says Faisal Toukan, CEO and co-founder of Ziina. “We realised there were deeper pain points we could address, particularly for businesses struggling with banking and payments.”
This realization spurred the creation of Ziina Business, an all-encompassing solution that allows companies to accept payments via various channels, including gateways, POS systems, and even social media platforms. “Banking for businesses in the UAE can be challenging, with processes like setting up payment gateways and accounts taking months. Ziina Business offers instant payment solutions, making it easy for businesses to get paid and manage their customer relationships,” Toukan explains.
In September, Ziina successfully raised $22 million in Series A funding, spearheaded by Altos Ventures, with participation from Jabbar Internet Group, Fintech Collective, Y Combinator, Avenir Growth, Activant Capital, FJ Labs, and MEVP.
The platform now boasts 50,000 active users and thousands of businesses, marking a significant leap from its initial user base. “What’s truly exciting is that 55 per cent of our traffic comes organically, through word of mouth. Businesses are referring other businesses to Ziina, which has been incredible for our growth,” Toukan adds.
Beyond payment solutions, Ziina Business offers a CRM system designed to streamline operations like booking and customer data management. However, Toukan and his team have even grander plans.
They have applied for a Stored Value Facility (SVF) licence, setting the stage for Ziina to evolve into a comprehensive financial services provider. “The SVF licence will allow us to issue our cards, offer remittance services, and build an ecosystem for investments,” Toukan says.
In the next 18 months, Ziina aims to establish itself as a financial partner for both businesses and consumers.
From Vision to Reality
Ziina’s ambition to revolutionize payments across the Middle East has been a central tenet since its founding in 2021. Co-founded by Faisal Toukan, his sister Sarah Toukan, and Andrew Gold, the Dubai-based fintech startup was created to simplify the region’s intricate financial transaction systems. Gold is no longer part of the startup.
“Sending and receiving money in the Middle East isn’t easy. Unlike India’s UPI system, digital payments here are more cumbersome. We wanted to simplify that process,” says Toukan.
Operating as a digital wallet akin to Paytm or Amazon Pay, Ziina caters specifically to the Middle Eastern market. The app enables users to send and receive money effortlessly, eliminating the need for IBANs and SWIFT codes. Additionally, it incorporates a social element, allowing users to exchange messages, emojis, and GIFs with their transactions. The team is currently developing a social debit card model to enhance its user appeal.
While the consumer side remains free, Ziina has identified a monetization strategy through its business services, charging a flat fee of 2.6 per cent per transaction. “Businesses are willing to pay for our platform’s convenience and efficiency. In the short term, we’re focused on monetising business transactions while ensuring consumers adopt our social cards as a long-term solution,” Toukan explains.
Overcoming Challenges in a Complex Market
Nonetheless, establishing a fintech startup in the Middle East comes with its own set of challenges. “In fintech, trust is earned in drops and lost in buckets,” says Toukan. “You can’t afford to launch fast and break things when dealing with people’s money.” Ziina’s journey to obtaining regulatory approval took 13 months, a necessary process that Toukan believes is crucial for ensuring consumer protection and security.
While the fintech sector in the Middle East has traditionally trailed behind other regions, this is beginning to shift. Investors, regulators, and companies are starting to recognize the region’s potential. “The Middle East is often underrated,” says Toukan. “With Careem’s big exit and a growing number of successful startups, we’re seeing a shift in optimism. Regulations are opening, and I believe more fintech startups will emerge in the next two years.”
Looking ahead, Ziina aims to broaden its product range. The forthcoming Ziina Card will enable businesses to spend directly from their wallets, while new features such as Bill Pay, remittances, and direct deposits are on the horizon. The company is also working toward becoming a complete financial ecosystem, handling all business and personal transactions seamlessly.
“Ziina is poised for tremendous growth,” says Toukan. “With the licence, funding, and traction we’ve gained, we’re excited about the future. We’re not just a payments provider anymore—we’re becoming a financial partner.”
As the Middle East embraces digital transformation, Ziina is well-equipped to spearhead the fintech revolution, assisting businesses and consumers in navigating the shifting financial landscape. With a growing user base, robust investor support, and a clear vision for the future, Ziina’s journey is just beginning.