Ziina, a Dubai-based FinTech startup, has raised an impressive $22 million in its latest funding round, reflecting the strong growth potential within the United Arab Emirates’ (UAE) small and medium-sized enterprise (SME) sector. This funding round underscores the increasing investor confidence in the UAE’s expanding SME landscape, which has become a focal point for economic growth and innovation.
In an interview with TechCrunch on Tuesday (Sept. 3), Ziina’s Co-founder and CEO Faisal Toukan shared insights into the factors that have attracted significant investment. He highlighted the rapidly growing SME segment in the UAE as a key driver behind investor interest. Additionally, Ziina’s recent acquisition of a central bank license has further solidified its position as a credible player in the FinTech ecosystem, enabling it to expand its offerings and cater to a broader market.
Ziina initially made its mark as a peer-to-peer (P2P) payment app, allowing users to split bills for group expenses such as trips or rent.
However, the company has since pivoted its focus toward serving SMEs, an “underserved market” comprising approximately 560,000 businesses—accounting for nearly 95% of all companies in the UAE. While P2P services remain a part of its portfolio, Ziina has now evolved into an all-in-one platform designed to facilitate payments for both consumers and businesses.
“We’ve transformed into a comprehensive platform for businesses to manage payments in the UAE,” Toukan explained. “What started as a consumer-focused app has grown into a full-fledged ecosystem that connects consumers and businesses for seamless payment transactions under one platform. This network effect—where consumers can pay businesses and businesses can pay consumers—is a key differentiator in our product strategy and business model, positioning us as a financially trusted partner in the region.”
This significant funding round follows closely on the heels of another major development in Dubai’s FinTech space. Mamo, another Dubai-based financial services firm, recently announced that it had raised $4.3 million to bolster its SME-focused product offerings within the UAE and to support its regional expansion plans.
“Mamo’s mission is to empower people to manage and grow their money through simpler, faster, and friendlier finance,” the company stated on LinkedIn. “This newly raised capital will enhance our SME product offerings and help us expand regionally.”
In a previous discussion with PYMNTS, Mamo CEO Imad Gharazeddine spoke about the challenges SMEs face with traditional cash-on-delivery methods, citing operational inefficiencies as a significant issue. He emphasized the need for more efficient digital payment solutions, which are becoming increasingly important in the region’s rapidly evolving financial landscape.
Additionally, PYMNTS reported earlier this year on the rise of “Click-and-Mortar™ shoppers” in the UAE, referring to consumers who use both digital tools and physical locations to maximize their shopping experiences. The report highlighted that 71% of UAE consumers leveraged digital features to enhance their most recent shopping experience, reflecting the region’s high level of customer satisfaction with digital shopping tools.