Marhaba folks! 🌟

Today we will discuss,

• 🚀 Ziina Banks $22M Series A to Scale Up UAE Fintech Services for Small Businesses

• 🏦 Tabby Acquires Saudi Digital Wallet Tweeq to Expand Fintech Offerings 🚀

• 🌸 Adidas Collaborates with Saudi Artist Raghad Al-Ahmad for Bloom Sky Collection 🌟

Let’s dive in!

🚀 Ziina Banks $22M Series A to Scale Up UAE Fintech Services for Small Businesses

📰 What is it about?

• UAE-based fintech startup Ziina has raised $22 million in Series A funding, led by Altos Ventures, with additional backing from Activant Capital, Avenir Growth, Fintech Collective, FJ Labs, Jabbar Internet Group, Middle East Venture Partners, and Y Combinator.

• This funding comes as Ziina’s customer base has grown by 34% month-over-month for the past year, with revenues increasing ten-fold.

💡 Why it matters?

• Ziina is rapidly expanding its offerings to support micro, small, and medium-sized businesses (SMEs) in the UAE. Initially launched as a peer-to-peer payment app, Ziina now provides a comprehensive suite of financial services for businesses, including payment gateways, point-of-sale solutions, CRM functions, and payments via social media.

• The SME sector in the UAE, which comprises over 94% of all companies and contributes about 60% of the country's GDP, represents a significant growth opportunity for Ziina. Approximately 77% of these SMEs have adopted digital payments, driving demand for financial management tools.

• With the newly acquired Stored Value Facility (SVF) license from the Central Bank of the UAE, Ziina can offer additional financial solutions and earn revenue from customer assets held on its platform. This license positions Ziina as a leader in the regional fintech ecosystem.

🔜 What’s next?

• Ziina has 50,000 active users, including both retail and business customers, and processes about 1,050 dirhams ($280) every 60 seconds. It aims to reach 1.1 billion dirhams (~$300 million) in annualized transaction volume by the end of the year.

• The company plans to scale further, potentially reaching 200,000 monthly active businesses in the next four years, positioning itself as the "Nubank of the region" by achieving significant market penetration across the MENA region.

• Ziina is onboarding its first sales hires, including talent from Revolut, to support its scaling efforts.

• It will continue to expand its product ecosystem, leveraging its SVF license to offer more financial solutions for both consumers and businesses, driving growth in the rapidly evolving MENA fintech landscape.

📈 Markets

🏦 Tabby Acquires Saudi Digital Wallet Tweeq to Expand Fintech Offerings 🚀

📰 What is it about?

• Tabby, a Middle Eastern Buy Now, Pay Later (BNPL) fintech, has acquired Tweeq, a Saudi Arabian digital wallet start-up aimed at millennials and Gen Z.

• The acquisition will allow Tabby to offer digital spending accounts, cards, and money management tools, broadening its product suite.

• Tweeq, founded in 2020 and licensed as an e-money institution by the Saudi Central Bank, will continue to operate independently after the acquisition.

💡 Why it matters?

• The deal strengthens Tabby’s footprint in Saudi Arabia and the UAE, key markets where it already operates.

• The acquisition supports Tabby’s growth strategy by diversifying its financial services beyond BNPL, appealing to a broader customer base.

• By incorporating Tweeq’s offerings, Tabby aims to enhance financial empowerment for its 14 million users, providing more ways to manage, spend, and save money.

🔜 What’s next?

• Tabby plans to integrate Tweeq’s digital wallet technology to introduce new financial products and services.

• The fintech will leverage its recent $250 million Series D funding and $700 million debt facility to further expand its operations in the Middle East.

• The acquisition may signal more M&A activity in the region’s fintech sector, as companies seek to diversify and scale up their offerings.

Quote of the day
“Motivation is the catalysing ingredient for every successful innovation.” – Clayton Christensen, economist and Harvard professor

🌸 Adidas Collaborates with Saudi Artist Raghad Al-Ahmad for Bloom Sky Collection 🌟

📰 What is it about?

• Adidas has launched its new activewear collection, "Bloom Sky," in collaboration with Saudi artist Raghad Al-Ahmad.

• Inspired by Saudi Arabia’s natural beauty, the collection features vibrant designs that draw from desert blooms, flowers, and stars.

• The line includes unisex pieces like pants, shorts, sweaters, jackets, hoodies, t-shirts, and modest wear options such as abayas and hijabs.

💡 Why it matters?

• This partnership highlights adidas’s commitment to promoting diversity, inclusivity, and regional talent by partnering with local artists.

• It provides a platform for Saudi artist Raghad Al-Ahmad to showcase her creative vision and cultural heritage on a global scale.

• The collection aims to balance style, functionality, and cultural expression, catering to diverse customer needs and preferences.

🔜 What’s next?

• Expect Adidas to continue fostering collaborations with regional artists, further enhancing its brand image in the Middle East.

• The Bloom Sky collection may pave the way for more culturally inspired designs in future sportswear lines.

• As Adidas reinforces its commitment to inclusivity, more initiatives spotlighting diverse voices and talents can be anticipated globally.

In other news…

1. Buying houses in the UAE may become cheaper very soon.

2. Saudi Arabia’s Qiddiya partners with Middle East’s biggest gaming retailer Geekay.

3. ADIA-backed Premier Energies share price doubles after stock market debut in India.

4. Saudi-based used car selling platform Syarah has raised $60.75 million in series C.

5. ByBit and DMCC have announced season 2 of MENA’s largest Web3 hackathon.

🎥 The latest from the Smashi Business Studio

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