Ziina Success Story: Building Middle East’s First Social P2P Wallet

Sk Rafiqul Islam
May 18, 2025

Ziina started in 2020 to make digital payments easier for people and small businesses in the UAE.

The team built a peer-to-peer wallet that lets users send money with just a phone number. Over time, they added powerful tools for SMEs and raised over $30 million.

In this case study, we explore how Ziina grew its user base, launched award-winning products, and became a key player in the Middle East’s fintech scene.

TL;DR – Ziina Business Name Case Study

Ziina is a Dubai-based fintech startup launched in 2020 to simplify digital payments.
It started with a peer-to-peer wallet and expanded into SME payment tools.
The company raised over $30 million across multiple funding rounds, including a $22M Series A.
Ziina now serves 50,000+ users and has processed over $300 million in transactions.
Its standout features include ZiiBoard, ZiiCard (upcoming), and e-commerce integrations.
Backed by Y Combinator and top VCs, Ziina is expanding into Saudi Arabia and Jordan.

Company highlights

Attribute	Details
Company Name	Ziina
Headquarters	Dubai, United Arab Emirates
Sector/Industry	Fintech / Digital Payments
Founders	Faisal Toukan, Sarah Toukan, Andrew Gold
Year Founded	January 2020
Parent Organization	None
Official Website	https://ziina.com/

Ziina: About the startup

Ziina was founded with a vision to make everyday financial transactions effortless and secure in a region where cash still dominated.

Faisal and Sarah Toukan, along with Andrew Gold, brought their diverse expertise together to address a clear gap in the market— digital payments that didn’t require complex bank details. The original product was a P2P app for UAE bank account holders to send money using just a phone number.

Over time, the platform evolved to include small business features, helping entrepreneurs, freelancers, and SMEs manage payments more effectively.

Today, Ziina offers a full suite of tools that serve both individuals and businesses, all under one ecosystem.

Fintech industry and market size

Size of the market

The UAE’s fintech sector is booming, supported by a digital-savvy population and high mobile penetration. The country is home to more than 560,000 SMEs, which make up over 94% of all companies and contribute nearly 60% of GDP. This massive segment represents a significant opportunity for digital payment providers. Additionally, with the growing demand for online transactions, the payments market in the GCC is expected to grow at a compound annual growth rate (CAGR) of approximately 20% through 2025.

Growth trends

Government-led initiatives promoting a cashless economy, coupled with evolving consumer preferences, have driven rapid adoption of digital payment solutions. In 2022, a Mastercard index found that 88% of UAE consumers favored the convenience of digital transactions over cash. The pandemic also accelerated the shift toward contactless and mobile-first payment methods. As infrastructure and regulatory frameworks improve, fintech startups like Ziina are poised to capture significant market share.

Ziina’s positioning

Ziina distinguishes itself by offering a dual-focus platform that serves both consumers and small businesses. While competitors typically concentrate on either retail payments or business tools, Ziina bridges the gap by integrating both services in one seamless app. This unique positioning enables the startup to tap into two high-growth segments simultaneously—P2P transfers among individuals and operational tools for SMEs.

Founders and team of Ziina

Faisal Toukan

Faisal Toukan is the CEO and co-founder of Ziina. A Y Combinator alum and experienced fintech writer, Faisal brings deep insights into emerging market trends.

Prior to Ziina, he was involved in several technology ventures and has been an advocate for building localized financial products that meet the cultural and economic needs of the Middle East.

At Ziina, he oversees business strategy, investor relations, and long-term vision.

Sarah Toukan

Sarah Toukan is Ziina’s Chief Product Officer and a co-founder. With experience in product design across London and the Middle East, she plays a pivotal role in defining Ziina’s user experience.

She is credited with leading the design of the award-winning Ziina app interface, which earned a prestigious Red Dot Award for its minimalist, one-hand-friendly layout that reflects Arabic aesthetics.

Andrew Gold

Andrew Gold, the Chief Technology Officer, co-founded Ziina alongside the Toukan siblings. An engineer by training, Andrew was responsible for building the core wallet infrastructure from the ground up.

His work focuses on ensuring the platform’s security, scalability, and seamless integration with payment systems like Visa, Mastercard, and Apple Pay.

Anton Badashov

As the Head of Design, Anton Badashov brings creativity and user-centric thinking to Ziina’s product offerings. He led the development of Ziina’s ZiiBoard interface and other key visual elements that blend cultural motifs with modern usability.

Anton’s design leadership has been instrumental in establishing Ziina as not just functional, but beautiful and intuitive.

Background story of Ziina

How it started

The idea for Ziina was sparked when the founders met at a hackathon in the United States. They recognized a major gap in the Middle Eastern market: while mobile payments were booming globally, the region lacked a convenient, secure, and user-friendly digital payment solution.

Returning to Dubai, they aimed to create a tool that allowed anyone to send money as easily as sending a text.

Initial challenges and pivots

Launching a fintech product in the UAE came with regulatory hurdles. At the time, there were no clear laws around peer-to-peer digital wallets.

Ziina had to wait for the Central Bank to formalize guidelines, which happened in late 2020. Once the new Stored Value Facility (SVF) framework was in place, Ziina quickly aligned its platform to gain official licensing.

Early growth

Ziina’s early traction was impressive. Within weeks of launch, the platform had over 20,000 users—driven mostly by organic referrals and WhatsApp-based payment requests.

A key viral moment came when users began using Ziina’s keyboard integration (ZiiBoard) to request payments inside chats, setting the company apart from traditional apps and banks.

Mission and vision of Ziina

Empower financial freedom

Ziina’s core mission is to democratize access to financial services across the Middle East. The company envisions a future where anyone—regardless of their banking status—can participate in the digital economy. This commitment is especially important in a region where large populations remain unbanked or underbanked.

By creating a product that is both accessible and intuitive, Ziina aims to empower individuals to take control of their financial lives.

Break banking barriers

Ziina is driven by the belief that digital payments should be as simple and inclusive as texting a friend. Traditional banking systems often require complex details like IBANs and account numbers, creating friction for users.

Ziina eliminates these barriers by allowing users to send and receive money with just a phone number. This innovation significantly lowers the threshold for financial participation.

Culturally rooted fintech

Ziina is more than a payment platform—it is a brand that reflects the cultural values of its users. The company incorporates Middle Eastern aesthetics in its UI/UX, ensuring the product feels local and relatable.

From the name to the interface, Ziina is designed to align with regional identity, making it more than just another fintech tool.

Payments as a right

Ziina’s founders firmly believe that access to digital payments is a right, not a privilege. Their platform offers zero-fee peer transfers for individuals, reinforcing this commitment. By prioritizing financial inclusion, Ziina is setting a new standard in the MENA region for equitable fintech solutions.

Bridge consumers and SMEs

Ziina uniquely serves both ends of the market spectrum: consumers and small-to-medium businesses. Its dual-purpose platform ensures that whether someone is splitting a dinner bill or managing business transactions, they can do it all from one app.

This flexibility is a major part of Ziina’s vision to become a financial hub for everyone.

Long-term expansion

While its current focus is the UAE, Ziina’s ambitions stretch across the Middle East. The team has expressed interest in expanding to Saudi Arabia and Jordan, with future plans to venture into lending, investment services, and cross-border payments.

Name, tagline & logo

Meaning behind the name

“Ziina” derives from the Arabic word meaning “beauty” or “ornament.” This name was carefully chosen to reflect the brand’s dedication to simplicity, elegance, and cultural resonance.

It symbolizes the company’s goal to make financial tools not only functional but delightful to use.

Tagline evolution

Ziina’s tagline, “Move your money forward,” embodies its mission to simplify financial interactions while encouraging users to embrace a cashless, modern lifestyle.

It communicates both the utility and forward-thinking ethos of the brand, reinforcing its relevance in the evolving fintech landscape.

Logo design

Ziina’s logo and design system were developed to be both aesthetically pleasing and deeply rooted in regional culture. The app features a minimalist design using Arabic geometric motifs and color schemes that appeal to both traditional and modern sensibilities.

The interface is optimized for one-handed use, which won it the prestigious Red Dot Award for design in 2023.

Business model and revenue streams: How does Ziina make money?

B2C + B2B hybrid model

Ziina operates a dual-sided business model. For consumers, it offers a free P2P wallet to send and receive money with no fees. For businesses, it provides a full suite of paid tools, including payment links, QR-code POS systems, and plugins for Shopify and WooCommerce. This hybrid approach allows Ziina to capture revenue from merchants while providing value to everyday users.

Transaction fees

One of Ziina’s primary revenue streams comes from the transaction fees it charges business users. When small and medium enterprises process payments through Ziina’s ecosystem— whether via QR codes, online gateways, or payment links—the company collects a percentage-based fee.

These fees are competitive yet scalable, allowing Ziina to generate consistent income as its business user base expands.

Interest on wallet balances (Float)

Thanks to its Stored Value Facility (SVF) license from the Central Bank of the UAE, Ziina is legally authorized to hold customer funds. This enables it to earn interest on the total float— pooled customer balances held within the platform.

Like a bank, Ziina can earn from the money that remains in user accounts, thereby turning idle balances into a revenue-generating asset.

Premium tools for SMEs

Ziina is building advanced tools tailored for business needs. These include CRM features to track customer transactions, invoicing tools, analytics dashboards, and more.

These value-added services are expected to be offered as premium, subscription-based features, providing an additional monetization path.

Platform and referral integrations

Ziina has integrated with major payment processors like Visa, Mastercard, Apple Pay, and Google Pay. Through these partnerships, Ziina may earn interchange or referral fees on every transaction processed using these payment rails.

Additionally, integrations with WooCommerce and Shopify open up opportunities for affiliate-style revenue sharing.

Upcoming product monetization

The upcoming ZiiCard—Ziina’s prepaid business card—will also serve as a new income stream. It is expected to include features such as expense categorization, split payments, and corporate disbursement tracking.

While pricing is not public, the model likely involves usage-based fees, annual charges, or embedded payment processing margins.

Funding and investors of Ziina

Total funding

Ziina has raised over $30 million since its inception, making it one of the most well-capitalized early-stage fintech startups in the Middle East.

This impressive funding track record reflects both the confidence of global investors and the growing appetite for digital payment solutions in the UAE and surrounding regions.

Major funding rounds

Funding Rounds – Tracks Pre-Seed to Series A investments.

Ziina’s first major infusion came from a pre-seed round in May 2020, where the team secured $850K to build its MVP. This was followed by a $7.5 million seed round in June 2021 after completing Y Combinator’s Winter 2021 batch.

Most recently, the company raised a $22 million Series A in September 2024, led by Altos Ventures. Each round has been pivotal for product development, team expansion, and market entry.

Key investors and their impact

Ziina’s backers include top-tier regional and international VCs like Y Combinator, Jabbar Internet Group, MEVP, FinTech Collective, and Altos Ventures. These investors have contributed not only capital but also strategic guidance. Angel investors and fintech experts in Ziina’s advisory board, such as Samih Toukan and Emre Tok, have helped the startup navigate regulation, product-market fit, and growth planning.

Growth metrics and revenues

User/customer base

User Growth Over Years – Shows expansion from 2021 to 2024.

As of mid-2024, Ziina boasts over 50,000 users, including both individual consumers and business clients. Notably, the majority of this user base now comprises SMEs, indicating a strategic pivot from being solely a peer-to-peer wallet to a full-service business payments platform.

Revenue and growth numbers

Revenue Growth (YoY) – Demonstrates a 10× revenue increase over four years.

Ziina has shown remarkable growth, with customer acquisition expanding at a 34% month-over-month rate. Over the same period, the company reported a 10× increase in revenues.

Transaction Volume – Annualized USD volume processed

These earnings stem primarily from transaction fees and interest accrued on wallet balances, showcasing a scalable and sustainable model.

Key achievements and market share

Ziina has processed more than AED 1.1 billion (~$300 million) in transaction volume annually, establishing a meaningful footprint in the UAE fintech sector. While exact market share is undisclosed, the startup is targeting 10–20% penetration of the 560,000 SMEs in the UAE over the next few years.

Mergers, acquisitions & investments of Ziina

No current acquisitions

As of 2024, Ziina has not announced any mergers or acquisitions. The company has focused instead on organic growth and internal product innovation.

Future M&A potential

Given its strong investor backing and growth trajectory, Ziina is well-positioned for future acquisitions. These may target complementary technologies or regional competitors to accelerate expansion.

Investment in product ecosystem

While not formal acquisitions, Ziina has invested heavily in developing in-house tools such as ZiiBoard, CRM dashboards, and upcoming fintech services like ZiiCard, which add strategic value to its product suite.

Talent acquisition from fintech leaders

Ziina has hired talent from global fintech firms like Revolut to strengthen its product, engineering, and sales teams—indicative of internal “acquisition” of global best practices.

Incubator affiliations

Ziina’s initial growth was supported by Dubai’s in5 incubator and TECOM Authority, which offered infrastructure and licensing support. These strategic alliances function similarly to investments in terms of ecosystem enablement.

Regulatory investment

Gaining a Stored Value Facility (SVF) license required time, legal resources, and compliance development—an indirect investment into long-term operational stability and trust.

Business partnerships of Ziina

Flagright: AML & compliance

Ziina partnered with Flagright, a UAE-based risk monitoring platform, to enhance its fraud detection and anti-money laundering (AML) systems. This partnership strengthens Ziina’s credibility and ensures compliance with UAE financial regulations, especially as the company scales.

Apple Pay, Google Pay, Visa & Mastercard

Ziina integrates with major global payment providers, allowing its users—particularly businesses—to accept payments through Apple Pay, Google Pay, Visa, and Mastercard. These partnerships enhance trust and offer a familiar checkout experience for customers.

Shopify & WooCommerce integrations

By building plugins for Shopify and WooCommerce, Ziina enables online businesses to easily embed its payment gateway into their e-commerce platforms. This expands its presence among digital retailers and supports its strategy to become the default payment processor for SMEs.

Incubator & regulatory alliances

Ziina was launched under the guidance of Dubai’s in5 tech incubator and TECOM Authority, which helped it secure early-stage support and licenses. These affiliations were instrumental in reducing regulatory friction and accelerating time to market.

Customer showcases and case studies

Ziina frequently collaborates with local merchants such as cafes and boutique retailers to highlight successful use cases of its platform. These stories help build brand trust and demonstrate real-world benefits to potential clients.

Advisory network

Ziina benefits from strategic mentorship by industry veterans like Samih Toukan and Emre Tok. Their guidance has shaped product direction, business strategy, and market positioning.

Products and service offerings of Ziina

Ziina Personal

Ziina Personal is a peer-to-peer mobile wallet designed for individual users. It allows people to send and receive money instantly using just a phone number—no need for IBANs, account numbers, or long forms. The app is intuitive, lightweight, and secure, making it ideal for everyday transactions like splitting bills, paying rent, or sending money to friends and family.

It also supports chat-based features that simplify the user experience further, bringing social interaction into financial transactions.

Ziina Business

Ziina Business caters to freelancers, entrepreneurs, and small-to-medium enterprises by offering a robust suite of payment tools.

This includes features like payment links (ZiiLinks), POS terminals with QR-code functionality, a plugin-based checkout for WooCommerce and Shopify, and dashboards for customer and invoice tracking.

Businesses can collect payments both online and offline with ease, reducing friction and streamlining cash flow.

ZiiBoard

ZiiBoard is one of Ziina’s most innovative features: a payments keyboard designed for messenger apps like WhatsApp, Instagram, and Facebook Messenger. It allows users—especially social sellers—to generate and send payment links without leaving the chat interface.

This drastically reduces the time and effort required for sellers to request payments, making it especially useful for home-based businesses and freelancers.

ZiiCard (Upcoming)

Set to launch post-2024, ZiiCard is Ziina’s prepaid corporate card product. Designed for SMEs and freelancers, it will offer features such as expense categorization, employee-level controls, supplier disbursements, and split payment management.

ZiiCard aims to consolidate business expenses into one smart card, making financial tracking and reconciliation easier.

APIs and regulatory-grade integrations

Ziina provides secure APIs for enterprise partners, enabling custom integrations with fraud detection platforms, internal accounting tools, or POS systems.

As a licensed Stored Value Facility, Ziina’s APIs comply with all UAE Central Bank regulations, ensuring security and trustworthiness for financial partners.

Startup challenges faced by Ziina

Regulatory roadblocks

Before 2020, the UAE lacked a clear licensing framework for digital wallets and peer-to-peer payment systems. Ziina had to wait for the Central Bank to introduce formal guidelines, which only came in late 2020. Navigating this regulatory uncertainty was a major early hurdle.

Competitive pressure

Ziina competes with both local and global players, including government-backed platforms like Payit and massive BNPL apps like Tabby and Tamara. Competing for user attention in a crowded space with limited marketing budgets posed an ongoing challenge.

SME onboarding

Convincing SMEs to transition from traditional cash or card methods to digital platforms required extensive education and support. Ziina had to invest heavily in user onboarding, merchant training, and feature localization to build trust in its business tools.

Lack of lending capabilities

Due to its SVF license, Ziina cannot offer lending or BNPL services—a growing trend in fintech. This regulatory limitation has prevented the company from entering lucrative credit markets, unlike competitors who hold broader licenses.

User education

Educating the mass market on how to use digital wallets safely and effectively required concerted effort. Ziina launched help centers, tutorial content, and community workshops to reduce hesitancy and build trust.

Scaling product support

As the user base grew, scaling customer service and tech support became critical. Ziina had to invest in expanding its operations and backend systems to ensure uptime and a responsive support experience.

Ziina competitors and comparison

Tabby

Tabby is one of the leading buy-now-pay-later (BNPL) platforms in the region, boasting over 14 million users and partnerships with 40,000+ merchants. While Tabby’s core offering revolves around deferred payments, it competes with Ziina for consumer attention and digital wallet space. Tabby’s scale, funding, and retail integrations make it a formidable indirect competitor.

Tamara

Tamara, a Saudi-based BNPL company, has raised significant capital and surpassed 10 million users across the GCC. Like Tabby, it focuses on installment-based purchases but is increasingly expanding into adjacent areas like consumer finance. Tamara’s growing market presence in the UAE puts pressure on wallets like Ziina to continually innovate and maintain user engagement.

Payit

Payit is the UAE’s government-backed digital wallet platform developed by First Abu Dhabi Bank (FAB). With seamless access to government services and broad financial coverage, Payit poses a direct challenge to Ziina’s consumer wallet use cases. Its institutional credibility and deep infrastructure connections are key differentiators.

Mamo

Mamo is another UAE-based fintech that focuses on SME services like invoicing and expense tracking. Mamo raised ~$13 million in funding and operates in the same niche as Ziina Business. While Ziina has a broader service offering, Mamo’s early-mover advantage and focus on corporate cards make it a notable competitor.

YAP

YAP, backed by Emirates NBD, offers digital banking services such as virtual accounts and P2P transfers. Although it requires users to be part of the NBD ecosystem, YAP’s institutional resources and banking-grade features create stiff competition in the digital payments space.

Ziina’s edge

Ziina’s unique strength lies in its hybrid model. Unlike BNPL players or bank-tied apps, Ziina merges P2P convenience with full-stack SME tools, all in a single app. Its design-first approach, regulatory approval, and cultural relevance help it stand out, especially among local freelancers and small businesses.

Future plans: What’s next for Ziina?

Launch of ZiiCard

Ziina is preparing to roll out ZiiCard, a prepaid business and expense card that will enhance its SME service offering. The card will support features like team-based spending limits, real-time tracking, and expense categorization, making it ideal for small teams managing vendor payments and operational costs.

Geographic expansion

Ziina aims to expand its footprint beyond the UAE, with Saudi Arabia and Jordan identified as priority markets. Both regions present similar fintech opportunities, with rising digital payment adoption and underserved SME sectors. Localization, licensing, and partner onboarding will be crucial steps.

Broader financial ecosystem

Ziina has long-term ambitions to move beyond payments and into financial services like lending, investment tools, and insurance distribution. These additions would transform it from a transaction platform into a holistic financial services provider.

Enhanced analytics for SMEs

The company plans to introduce AI-driven insights and performance dashboards that help SMEs better understand their cash flow, customer behavior, and transaction trends. This could further differentiate Ziina from basic payment processors.

API ecosystem development

Ziina is investing in expanding its APIs to support integrations with more third-party tools. This will allow accounting platforms, CRMs, and inventory systems to connect directly to Ziina’s payment infrastructure, improving value for business users.

Potential IPO or acquisition

Although no formal plans have been announced, Ziina’s investor backing and rapid growth may pave the way for a future IPO or acquisition. The startup’s strong fundamentals and scalable product make it a viable candidate for regional consolidation or capital markets entry.

FAQs

What is Ziina?

Ziina is a UAE-based digital payments platform that lets users send and receive money using just a phone number—no IBANs or bank details needed.

What sets it apart is its dual focus: while most apps cater only to individuals or businesses, Ziina combines peer-to-peer transfers with powerful tools for freelancers and SMEs, all within a single, user-friendly app.

What is the origin story behind Ziina?

The idea was born when the founders noticed a gap in the Middle East for simple, mobile-first payment solutions.

After meeting at a hackathon, they came together to build a secure and intuitive platform that reflects local culture and eliminates the need for complicated bank procedures. The goal was to make sending money as easy as sending a message.

What is Ziina’s business model, and how does it make money?

Ziina follows a B2C and B2B hybrid model. Personal users enjoy fee-free transfers, while businesses pay transaction fees for services like payment links, QR-code payments, and e-commerce plugins.

The company also earns interest on customer wallet balances and plans to launch premium SME features and prepaid business cards.

What is the current market opportunity for Ziina in the UAE?

The UAE’s fintech market is growing rapidly, driven by smartphone adoption, a large base of 560,000+ SMEs, and strong government support for cashless payments.

Ziina is well-positioned to serve both consumers and small businesses in this landscape, tapping into a market that’s projected to grow at 20% annually through 2025.

What are the main challenges the startup has faced?

One of the biggest hurdles was the lack of clear regulations around digital wallets in the early days. Ziina had to wait for official guidelines before launching under a legal framework. Convincing SMEs to adopt digital payments and competing with government-backed apps and large BNPL players also required strategic positioning and heavy user education.

What is ZiiBoard, and why is it important?

ZiiBoard is a custom keyboard designed by Ziina for use inside apps like WhatsApp and Instagram. It lets users send payment links directly from their chat window, making it ideal for social sellers and small businesses. This tool streamlines the payment process and makes digital transactions faster and more conversational.

What kind of funding and investor support has Ziina received?

Ziina has raised over $30 million from top investors like Y Combinator, Altos Ventures, MEVP, and Jabbar Internet Group. These funds have supported its product development, team expansion, and entry into new markets. Strategic advisors from leading fintech firms have also helped guide the company’s growth.

What does the future look like for Ziina?

The company plans to expand into Saudi Arabia and Jordan, launch its prepaid ZiiCard for SMEs, and introduce AI-powered business analytics. Ziina is also developing a broader API ecosystem to support integrations with CRMs and accounting tools, moving closer to becoming a full-service financial platform for the MENA region.

Sources and references

Author

Sk Rafiqul Islam

Rafiqul is a storyteller with a founder’s mindset. At UAE Startup Story, he crafts deep-dive narratives, interviews, and features that decode what makes startups succeed in the UAE and beyond. He works closely with entrepreneurs to capture lessons, failures, and turning points that can inspire others on their own journeys.

Rafiqul Islam