Good News for Ziina for successfully raising $7.5 million in seed funding to scale its peer-to-peer (P2P) payment service across the Middle East and North Africa.
Ziina was founded by Faisal Toukan, Sarah Toukan, and Andrew Gold. Ziina has raised over $8.6 million since launching last year. This includes the $850,000 pre-seed raised in May 2020 and $125,000 secured after going through Y Combinator’s Winter batch early this year.
The amazing thing about using Ziina is, it allows users to send and receive payments with just a phone number, no IBAN or swift code required in the UAE and some parts of the Middle East.
Ziina has already built a team with experience across tech companies like Apple, Uber, Stanford, Coinbase, Careem, Oracle, and Yandex. It plans to double down on hiring with this new investment and customer acquisition and establishing commercial partnerships.
Presently, Ziina has up to 1,000 users, which according to Toukan, transacted more than $120,000 in volume last month. The company also has 20,000 people on its waiting list to be onboarded after launch.
Toukan says that Zinna will expand geographically across Saudi Arabia and Jordan in 2022; and Egypt and Tunisia some years from now as he wants the company’s wallet to become seamless across borders.
The founders haven’t announced when Ziina would be launched fully but they plan to launch it this summer.