Vowed to be as simple as sending an instant message, the social P2P installment arrangement permits UAE financial balance holders can use to send and get cash with only a telephone number-no IBAN or SWIFT code required.
Ziina, a UAE-based authorized social distributed (P2P) installment arrangement, has effectively raised a pre-seed round of US$850,000, drove by San Francisco-based Class 5 Global, with cooperation from Samih Toukan’s Jabbar Internet Group and other noticeable blessed angel financial specialists.
Vowed to be as simple as sending an instant message, the social P2P installment arrangement is available on the iOS App Store, and Google Play Store for download, which permits UAE financial balance holders can use to send and get cash with only a telephone number-no IBAN or SWIFT code required. As per its discharge, the application offers bank-grade security and start to finish encryption, giving clients a consistent method to the part cost of the bill.
Helped to establish by Faisal Toukan, CEO, Sarah Toukan, Chief Product Officer, and Andrew Gold, VP of Engineering, the startup is determined to streamline installments for everybody. By utilizing the MENA locale’s reception of FinTech, Ziina plans to energize portable installment solutions to track the UAE’s change towards a cashless society quickly.
Straight from jump-starting their tasks out of In5 Dubai’s startup hatchery, with a permit given by TECOM, the establishing group appears to have a decent emotionally supportive network too-their warning board incorporates sequential business person Samih Toukan, just as Emre Tok, previous VP of Growth at Careem. They lead a group of 80 individuals.
Utilizing research on its center objective segment, the startup intends to present worth included administrations, for example, QR code joining, prepaid cards, and utility installments, among others. The group is quick to democratize access to budgetary administrations by having one go-to stage, with plans of making it simple for any individual who wishes to contribute by coordinating outsider Robo-consultants to Ziina’s foundation.
Regarding plans for the future, the startup intends to dispatch activities in Saudi Arabia in 2023, and the group likewise plans to incorporate distinctive income streams in their foundation. For POS arrangements and prepaid cards, Ziina will take a little rate charge on all exchanges from sellers.
Toukan likewise calls attention to the current health crisis emergency, they consider a to be being used as one, individuals have fewer chances to meet face to face, so they will depend on sending small installments when they have to pay somebody pack. Two, individuals are vigilant to deal with physical money to stay away from conceivable germ sullying. “Muslims in the UAE can utilize the Ziina application to send money blessings to one another to safeguard social and strict customs,” he likewise notes.
As a district with perhaps the most noteworthy pace of cell phone entrance on the planet and a youthful populace, Joel Ayala, prime supporter and Managing Partner of Class 5 Global VC, noticed his organization’s energy to join Ziina’s subsidizing round, saying, “The economy is still money based. It’s extreme for individuals to do straightforward things like paying their companions. Ziina is taking a Silicon Valley attitude to the district and taking care of this issue with innovation.”