December 13, 2024

JIMCO invests in fintech company Ziina in US$ 22 million Series A funding round

copied!

Series A funding will accelerate Ziina’s expansion in digital financial services.
JIMCO’s support aligns with its commitment to back financial inclusivity in the region.
Ziina is one of the first venture-backed startups to be granted the UAE Central Bank’s SVF license.

The Jameel Investment Management Company (JIMCO), the global investment arm of the Jameel Family, has announced that the JIMCO Technology Fund has invested in Ziina, a leading UAE-based fintech company, in a US$ 22 million Series A funding round, alongside global investors. This is JIMCO’s second time investing in Ziina, having previously participated in their Pre-Series A funding round. This move aligns with JIMCO’s dedication to promoting greater financial inclusivity across the Gulf region.

The new funding will support Ziina’s expansion from a payment solution to offering comprehensive financial services for both businesses and consumers. This includes the upcoming launch of “ZiiCard,” which will enable businesses to manage their expenditures and provide individuals with features such as expense categorization and payment splitting.

Founded in 2021, Ziina enables businesses to accept payments through various channels, including websites, retail locations, in-person transactions, and social media. For individuals, Ziina offers the ability to send and receive money using debit and credit cards, as well as Apple Pay and Google Pay. Key features of Ziina’s platform include a payment gateway for website checkouts, payment links, QR code payments, and NFC payments. The company has raised over US$ 30 million in total funding and continues to innovate in the digital payments space, providing solutions that meet the evolving needs of its users.

Ziina has rapidly evolved from a peer-to-peer (P2P) payment app to a comprehensive financial platform serving both retail and business customers. The company has achieved significant growth, reaching 50,000 active users and becoming one of the first venture-backed startups to be granted the UAE Central Bank’s Stored Value Facility (SVF) license. It has experienced approximately 34% month-over-month growth in customers and about ten-fold increase in revenues over the past year. This license allows Ziina to offer a broader range of financial solutions, further solidifying its position in the market.

Notes to Editors

About JIMCO

JIMCO (the Abdul Latif Jameel Investment Management Company) is the Jameel Family’s global investment arm and an active global investor in innovative, early-stage and breakthrough ventures, business models and emergent technologies, aiming to positively shape the future of core industries driving the global economy.

These investments are diverse and embrace medical and healthcare industries, fintech, Insurtech, electric vehicles and future mobility solutions, and the future of energy, amongst others, and are made in carefully selected and targeted funds and in fledgling businesses, but all have a common focus in the pursuit of a more sustainable tomorrow.

JIMCO comprises a number of independent legal entities, there are three primary fund brands:

The JIMCO Technology Fund – focusing on venture building, both through select, targeted funds and direct investments.
The JIMCO Life Sciences Fund – focusing on both direct and fund investments in life sciences, biotech and health care, from pharmaceuticals, therapeutics, vaccines and diagnostics to cutting-edge medical device technologies and techniques, and
The JIMCO Strategic Asset Fund – focusing on forward-thinking fund with a clear, aligned, long-term vision, with relevant sector specialization from sustainability initiatives, to drivers of global energy transformation towards renewable, sustainable and clean sources of power.

For more information, visit jimco.com, and our brand video here or contact: info@jimco.com for general inquiries or media@jimco.com for press inquiries(GMT +4 hours UAE.

About Ziina

Ziina is an award-winning financial platform for consumers and entrepreneurs in the UAE who need a fast and secure way to spend, receive, and grow their money. Known for its speed, simplicity, and intuitive design, Ziina is on a mission to bring financial freedom to every person in the Middle East. The platform simplifies transactions for businesses and individuals alike by offering instant money transfers, customizable payment links, QR code payments, and a fast and secure payment gateway. Ziina’s user-friendly interface, quick setup, and commitment to transparency—free of subscriptions, initiation fees, or hidden charges—make it the preferred financial partner for individuals and businesses across the region.

Copyright Notice and Disclaimer

© Abdul Latif Jameel Investment Management Company Ltd. (“JIMCO”). All rights fully reserved. The Abdul Latif Jameel name, and the Abdul Latif Jameel logotype and pentagon-shaped graphic are trademarks, or registered trademarks of Abdul Latif Jameel IPR Company Limited.

The term “Abdul Latif Jameel” refers broadly to several distinct, separate and independent legal entities. Abdul Latif Jameel is not itself a corporate entity, association or conglomerate run by an overarching parent company but merely refers to a group of distinct and wholly separate legal entities that are collectively referred to as Abdul Latif Jameel. Abdul Latif Jameel is not a corporate group as defined in section 1161(5) of the Companies Act 2006.

This document may contain forward-looking statements. Forward-looking statements are statements regarding matters other than historical fact, such as future results, events, activities, developments or circumstances or the beliefs, plans or expectations of JIMCO or Abdul Latif Jameel entities or their respective managements.

Forward-looking statements often can be identified by the use of words such as ‘expect’, ‘project’, ‘anticipate’, ‘plan’, ‘estimate’, ‘believe’, ‘predict’, ‘intend’, ‘potential’, ‘possible’, ‘probable’, ‘likely’, ‘forecast’, ‘guidance’, ‘outlook’, ‘goal’, ‘target’, ‘may’, ‘will’, ‘should’ or ‘could’ or other similar terms or phrases. However, the absence of such words does not mean that a particular statement is not forward looking.

Forward-looking statements are based on expectations and assumptions at the time of such statements and are subject to numerous risks and uncertainties, many of which are outside the control of JIMCO or Abdul Latif Jameel entities. Should any of such expectations or assumptions prove incorrect, or should any of such risks or uncertainties materialize, actual future results, events, activities, developments or circumstances may differ materially from those expressed in or implied by forward-looking statements.

Further, any forward-looking statement speaks only as of the date on which it is made, and neither JIMCO nor Abdul Latif Jameel assumes, and hereby disclaims, any obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements made by JIMCO, Abdul Latif Jameel, or by any person on behalf of any of them, whether communicated in writing, electronically or orally, are qualified in their entirety by the foregoing cautionary statements.

No Offer or Solicitation

This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.

Related Press Releases