Ziina, the UAE’s Peer-to-Peer (P2P) payment application backed by Y-Combinator (YC), announced its latest funding round of US$7.5 million.

The round will help the company launch its new wallet service and fuel its expansion into Saudi Arabia.

Ziina plans on using the proceeds to launch its wallet application with over 20,000 verified users on the waiting list.

The company’s latest seed round was led by Avenir Growth Capital and Class 5 Global with participation from Wamda Capital, FJ Labs, Graph Ventures, Goodwater Capital, Jabbar Internet Group and Oman Technology Fund’s Jasoor Ventures.

The round also includes Zinal Growth, the investment fund of Guillaume Pousaz, CEO of Checkout.com; Krishnan Menon, the CEO of Bukukas; Marc Atiyeh, CEO of Pawp; as well as executives from Paypal and Venmo.

This adds to a roster of fintech operators from Revolut, Stripe, Brex, Notion, and Deel that joined Ziina’s previous round.

In January 2021 Ziina was accepted into Y-Combinator’s (YC) three-month accelerator programme, where the team gained access to a vast network and a range of highly experienced mentors.

Faisal Toukan, CEO and Co-Founder of Ziina commented,

“This round will fuel our expansion plans into Saudi Arabia and support the launch of our highly anticipated wallet feature, which we will be introducing along with our new banking partner shortly.

 

We will also use this financing to continue to attract top global talent to further elevate Ziina’s product and bring the application to the center of our users’ daily finances.”