Social P2P payments solution Ziina raises a pre-seed round of USD 850,000

Thursday 21 May 2020 11:58 CET | News

Ziina, the UAE’s social peer-to-peer (P2P) payment application, has raised a pre-seed round of USD 850,000, led by US-based Class 5 Global with participation from Samih Toukan’s Jabbar Internet Group and other angel investors.

Ziina allows UAE bank account holders to use their smartphones to send and receive money as easily as sending a text message without IBAN or swift code. The app is available on the Apple App Store and Google Play Store for download. 

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. 

Based on user research from its core target demographic, Ziina plans to gradually introduce several value-added services such as QR code integration, prepaid cards, and utility payments, amongst others. In the medium-term, Ziina will integrate different revenue streams. For POS solutions and prepaid cards, Ziina will take a small percentage fee on all transactions from vendors.

During 2021, Ziina plans to launch operations in Saudi Arabia to tap into the vast market potential of the GCC's largest market of 32 million people. Nearly 60% of the Kingdom’s population use smartphones with roughly 23 million of the population being active on social media. In the UAE, 8.8 million individuals, making up 91.57% of the population, access social media with their mobile devices.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: P2P payments, Ziina, pre-seed round, money transfer, payments, UAE
Categories: Banking & Fintech | Mobile Payments
Countries: United Arab Emirates
This article is part of category

Banking & Fintech