Zeal, an Egyptian fintech and loyalty app, has raised a $4 million funding round to expand into the larger MENA market.
Along with strategic angel investors, Raed Ventures and Cur8 Capital led the seed funding round.
Omar Ebeid founded Zeal in 2019 with the goal of providing payment solutions to offline businesses and retailers to increase in-store customer engagement and brand loyalty. Credit card devices can recognise, categorise, and retarget in-store consumers thanks to its SmartPOS Plugin technology.
“This investment will accelerate our journey towards utilizing AI to revolutionise retail customer engagement on a global scale. We are committed to broadening our impact, with a focus on connecting billions of customers with millions of retailers,” said Ebeid.
Raed Ventures’ Wael Nafee expressed his excitement in supporting Zeal.
“The global payment acquiring space is hungering for value-added service disruptors that can propel the next phase of innovation. We believe that Zeal’s holistic product is a key innovative solution to payment service providers and POS manufacturers globally,” Nafee stated.
Zeal will be able to seamlessly integrate with point-of-sale terminals around the world and expand its reach and effect thanks to this funding. Additionally, it intends to provide sophisticated data and analytics solutions for the telecom and FMCG industries.
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