UAE-based P2P app Ziina joins Y-Combinator accelerator programme
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UAE-based P2P app Ziina joins Y-Combinator accelerator programme

UAE-based P2P app Ziina joins Y-Combinator accelerator programme

Ziina also announces new seed funding from US and MENA venture capital funds

UAE-based social peer-to-peer (P2P) payment app Ziina has been accepted to Y-Combinator’s much-vaunted accelerator programme. This makes Ziina the third start-up from the UAE to be recognised by YC, the elite start-up accelerator.

Y-Combinator, one of the world’s most successful and selective start-up engines, places 2 per cent of applicants who pass their process through its robust accelerator programme which has propelled businesses such as Airbnb, Stripe, and Dropbox to their current level of success worth a combined $200bn.

Through Y-Combinator, Ziina has access to a vast network of experienced mentors. The fintech will now go through the YC three-month accelerator programme (Winter 2021 batch), culminating in Demo Day – an opportunity to pitch to leading global investors.

“The participation with Y-Combinator is a game-changer for Ziina and we are thrilled that we have fallen into the very small bracket of companies who are accepted,” said Faisal Toukan, CEO and co-founder of Ziina.

“We’re excited to tap into Y-Combinator’s larger network, including its exceptional talent and investor pools. Furthermore, it also allows us to have access to mentors from top technology companies, which will propel Ziina to an even higher level when it comes to scaling our operations.

Ziina’s YC acceptance coincides with its latest round of seed funding led by OTF Jasoor Ventures (the VC arm of Oman Technology Fund), with participation from Class 5 Global, Long Journey Ventures, Graph Ventures, Jabbar Internet Group, FJ Labs, and Wamda.

Read: Over $1bn piled into MENA-based startups in 2020

Investors also include former Revolut executives, and early employees from Stripe, Brex, Paypal’s Venmo, Deel, and Notion.

“We’ve received an enthusiastic response from VCs and angel investors during our latest funding round and are incredibly grateful for their support. This will contribute to supercharging Ziina’s growth in the year ahead, achieving the goals we’ve set,” Toukan added.

Ziina is building on its current platform to provide an option for friends and family to split payments. In 2021, it plans to expand its product offering to include simplified payments for freelancers and small businesses. Ziina also plans expansion to Saudi Arabia and Jordan by 2022.

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