Zeal, an Egyptian fintech startup, has successfully secured $4 million in funding to propel the expansion of its cutting-edge technology across Europe, the Middle East, and Africa (EMEA). This development follows the recent introduction of Zeal into the UK market.
The funding round was spearheaded by Raed Ventures and Cur8 Capital, with active participation from various angel investors. Notably, this achievement comes within a year of co-founder Omar Feid’s announcement regarding the company’s attainment of “EIS Tax relief advanced assurance.” This endorsement from HM Revenue and Customs signifies that investments in Zeal could qualify for tax relief, marking significant progress for the company in the UK market.
Established in 2019 by Ebeid, Bellal Mohamed, and Amr Mohamed, Zeal offers a unique payment solution that enables users to link their payment method to the app’s QR code. This QR code can then be presented to an in-store scanner for seamless payment and loyalty punch collection in a single transaction.
Vendors using Zeal gain access to a data analytics dashboard that monitors real-time branch spending. Leveraging AI technology, this dashboard allows them to forecast future customer spending. Zeal stands out as a customer-loyalty-focused fintech, providing actionable insights to influence consumer behavior. The platform engages customers through targeted offers and notifications while analyzing customer data to enhance purchasing frequency and loyalty.
According to Ebeid, Zeal is committed to expanding its impact by connecting billions of customers with millions of retailers. The newly acquired funding will be instrumental in enhancing global retail customer engagement through AI.
One standout feature in Zeal’s fintech portfolio is the SmartPOS Plugin, a groundbreaking solution that enables credit card machines to recognize, categorize, and re-engage with in-store customers. This innovation fundamentally transforms how physical retailers interact with and retain their customer base.
Zeal’s successful funding round underscores its growing influence in the fintech sector and positions the company to further revolutionize retail customer engagement on a global scale. The strategic infusion of funds will undoubtedly support Zeal’s mission to innovate and provide cutting-edge solutions in the ever-evolving landscape of financial technology.
Source: TechPoint