Resal, a Jeddah, Saudi Arabia-based provider of an e-gifting platform, raised $9M in funding.
Backers included Derayah Ventures Fund, Al-Wafrah AlThanya Investment Company, Venture Souq FinTech Fund, ADDiriyah Asset Management, Nomad Holdings, Bugshan Investment Group, and several family offices, along with other angel investors.
The company intends to use the funds to accelerate its business growth within the Kingdom.
Founded in 2016 by Fouad Alfarhan and Hatem Kameli, Resal providing solutions that facilitate the management and exchange of loyalty points, prepaid cards, and vouchers from various sources, ranging from banks, telecom companies, and airlines to governmental and non-governmental organisations.Ā
The Resal Wallet app helps users accumulate and aggregate loyalty points from multiple sources such as telecom companies, banks, and airlines into a digital wallet, allowing them to convert these points into value that can be used for everyday purchases from its network of more than 1,000 brands.
Through the “Resal for Merchants” platform, merchants and brand owners can design loyalty programs and digital cards, interact with customers, and increase sales by connecting with the company’s solutions network for companies and individuals.
FinSMEs
26/08/2024