UAE-based peer-to-peer (P2P) payment application Ziina has closed its seed round to help with its goal of entering Saudi Arabia and Jordan by 2022.
The capital injection was led by Jasoor Ventures, with participation also coming from, Wamda, Class 5 Global, Long Journey Ventures, Graph Ventures, Jabbar Internet Group and FJ Labs.
Following the close of the round, Ziina hopes to increase its product offering to serve more freelancers and small businesses. Funds will also be used to grow its team, extend its footprint and enter the Saudi Arabia and Jordan markets by 2022.
Ziina enables users to send and receive money securely, by simply selecting a person in their contacts list and sending whatever sum of money they decide. Its technology is built with bank-grade security and implements end-to-end security to protect users.
The FinTech previously netted $850,000 in pre-seed funding last year from Class 5 Global, Internet Group and a number of angel investors
Ziina CEO and co-founder Faisal Toukan said, “One of our missions at Ziina is linking the best talent and resources of the UAE with those of Silicon Valley. We’ve seen the UAE take a highly proactive approach to supporting the fintech ecosystem and we are thrilled to be a part of it.
“Coupled with this, we’ve received an enthusiastic response from VCs and angel investors during our latest funding round and are incredibly grateful for their support. This will contribute to supercharging Ziina’s growth in the year ahead, achieving the goals we’ve set.
“Through Ziina we want to help redefine the way people in the Middle East think of, interact with and experience financial services. Our company is founded on the belief that everyone should have access to the next generation of financial services.”
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