Egyptian customer loyalty fintech Zeal raises $4m funding to expand its technology

Egyptian customer loyalty fintech Zeal has secured a substantial $4 million in funding through a successful investment round led by Raed Ventures and Cur8 Capital, along with support from angel investors. The startup is set to channel this capital infusion towards expanding its cutting-edge technology solutions throughout the EMEA region, building on its recent entry into the UK market.

At the forefront of the fintech’s offerings is the SmartPOS Plugin, a game-changer in in-store customer engagement and payment intelligence. This technology empowers credit card machines to identify, segment, and retarget in-store customers, fundamentally reshaping how physical retailers connect with and retain their clientele.

Having already made significant strides in the payments industry through partnerships with major entities such as Ingenico and Network International, and securing accolades like the Visa Everywhere Initiative, this funding positions Zeal to amplify its impact. The focus lies on extending the startup’s influence and bolstering its existing portfolio of payment acquirers, simplifying integration with Point of Sale (POS) terminals on a global scale.

CEO of Zeal, Omar Ebeid expressed enthusiasm about the future, stating, “This investment will accelerate our journey towards utilizing AI to revolutionize 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.“

Wael Nafee from Raed Ventures added, “We believe that Zeal’s holistic product is a key innovative solution to payment service providers and POS manufacturers globally.“

With a steadfast foundation and a clear vision, Zeal is poised to emerge as the premier Value Added Service solution for payment acquirers and merchants on a global scale. This funding not only marks a milestone for the fintech startup but also signals a transformative era in the evolution of retail customer engagement.

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How Zeal’s customer loyalty solution works

Founded by Omar Ebeid, Bellal Mohamed, and Amr Mohamed in 2019, Zeal allows users to connect a payment method to the app’s QR code and present it to a scanner in-store to pay and collect loyalty punches in the same transaction.

Vendors receive a data analytics dashboard that tracks live spending at their branches, with the ability to forecast future customer spending using artificial intelligence. The dashboard enables vendors to view actionable insights to trigger consumer behaviour, engage with customers through targeted offers, and push notifications, and analyse customer data to increase their purchasing frequency and customer loyalty.

In a report by Disrupt Africa, Ebeid noted that with financial inclusion prioritized by the Central Bank of Egypt and a population of 100 million, the customer loyalty company is bringing Egyptians a seamless and rewarding mobile payments experience. He said the startup is targeting multi-sited food and beverage outlets, beauty salons and barbershops that are serving affluent and tech-savvy consumers.

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