Dubai tech start-up Zbooni has raised $5 million in Series A funding from an undisclosed investor.

The new capital will be used to expand the company’s team across the UAE, Saudi Arabia and Jordan, the company said in a statement on Tuesday.

The payment solutions provider did not reveal its new investor, but said that it’s a “London-based fund”.

“While we wish to keep the investor undisclosed, their reputation and track record speaks for itself. They have previously invested in some of the most successful emerging market growth stories -  operating a fund of well over $1 billion in assets under management,” said Zbooni CEO and co-founder Ramy Assaf.

Through the new capital, Ramy said their company will “invest in people to develop even better products” for its merchants and enhance the customer experience with “best-in-class technology”.

Start-ups in the Middle East and North Africa (MENA) region managed to raise more than $1 billion from investors in 2020, according to MAGNiTT’s 2021 report. The amount raised was a 13 percent increase on 2019.

Zbooni was founded in 2017 to provide businesses a number of services, including invoice technology, payment enablement, digital store creation and customer management support.

As of this month, the company said it deals with thousands of merchants, transacting tens of millions of dirhams every month.

(Writing by Cleofe Maceda; editing by Seban Scaria)

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