Social Payment App Gains $850,000 In Funding
UAE bank account holders can now use their smartphones to send and receive money as easily as sending a text message.
Ziina, the UAE’s first licensed social peer-to-peer (P2P) payment application, is available on the Apple App Store and Google Play Store for download.
Ziina is on a mission to simplify payments for everyone. Users can send and receive money with just a phone number — no IBAN or swift code required. Ziina offers bank-grade security and end-to-end encryption, never holding onto your money so every transfer goes fast. The app provides a seamless way for friends and family to split the cost of takeout or a grocery bill.
The young start-up raised a pre-seed round of US$850,000, led by San Francisco based Class 5 Global with participation from Samih Toukan’s Jabbar Internet Group, and other prominent angel investors.
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. Ziina’s cofounders - Faisal Toukan, CEO, Sarah Toukan, Chief Product Officer, and Andrew Gold, VP Engineering - look to encourage the adoption of mobile payment solutions in their bid to fast track the UAE’s transition towards a cashless society. They are joined by a strong advisory board including serial entrepreneur Samih Toukan, and Emre Tok, who previously served as VP of Growth at Careem leading a team of 80 people. The founding team recently launched the start-up’s operations out of Dubai’s In5 tech start-up incubator, with a license issued by TECOM.
https://www.finextra.com/pressarticle/82563/social-payments-app-ziina-banks-850000-in-pre-seed-funding