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Wed 19 Jun 2019 01:41 PM

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UAE social media payments app Zbooni secures new funding

Zbooni says funding has been committed by Chalhoub Group and B&Y Venture Partners

UAE social media payments app Zbooni secures new funding
Ramy Assaf, CEO of Zbooni.

UAE-based tech app Zbooni, which enables retailers to conduct transactions with customers via social media and chat services, has closed its latest funding round of $1.1 million.

Zbooni, which said it is handling millions of dirhams of sale transactions per month through its connected chat commerce app, said funding has been committed by Chalhoub Group and B&Y Venture Partners.

The app is designed specifically for the needs of retailers in a social first era, helping them convert sale through easy payment with customers via services such as WhatsApp, Instagram and Facebook.

The company was founded in 2017 and was the only firm from the Middle East to take part in a six-month incubator programme at Facebook, the world’s largest social media network.

Ramy Assaf, CEO of Zbooni, said: “Business is increasingly done through WhatsApp and social media services such as Instagram and Facebook. These channels are the modern equivalent of shop windows that showcase a merchant’s products and services to the world, but consumers want to engage before they transact.

"Zbooni connects merchants with customers while providing an easy way to make payments. We see strong demand from businesses in the UAE for this service, with the transaction volumes consistently growing at above 30 percent month-on-month. Transacting millions of dirhams of sales every month was a key milestone for us as the business continues to expand.”

Zbooni predicts that in the MENA region alone there are around 3.5 million SMEs that could benefit from the technology.

Assaf added: “SMEs are the fuel for economies and the UAE Vision 2021 clearly outlines the need to support these businesses, especially through technology. We developed the app specifically to help traders, merchants and retailers who simply want to sell digitally and offer a convenient method for checkout to their customers.”

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