Egyptian fintech and customer loyalty app Zeal has closed a US$4 million funding round to help it increase its footprint into the wider MENA market.
Founded in 2019 by Omar Ebeid, Zeal offers payment solutions to retailers and other offline businesses to improve in-store customer engagement and brand loyalty. Its SmartPOS Plugin technology enables credit card machines to identify, segment, and retarget in-store customers.
The startup recently expanded to the UK, and now plans to increase its footprint into the wider MENA market having raised a US$4 million seed round led by Raed Ventures and Cur8 Capital, along with strategic angel investors.
This funding will further Zeal’s reach and impact, enhancing its existing payment acquirers portfolio and ease of integrating with POS terminals globally. It also plans to build advanced data and analytics solutions for the FMCG and telecom sectors.
“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.
Wael Nafee from Raed Ventures said he was “excited” to back 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,” he said.
