Zeal rakes in $4m in fresh capital

Zeal, an Egyptian customer loyalty fintech, has successfully raised $4 million in a funding round led by Raed Ventures and Cur8 Capital, along with participation from angel investors. The startup plans to utilise the funds to expand its advanced technology solutions across the EMEA region, building on its recent entry into the UK market.

Zeal’s flagship offering is the SmartPOS Plugin, which revolutionises in-store customer engagement and payment intelligence. This technology transforms credit card machines into tools that can identify, segment, and retarget in-store customers, 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 receiving accolades like the Visa Everywhere Initiative, Zeal aims to amplify its impact with this funding. The focus is on extending the startup’s influence and strengthening its existing portfolio of payment acquirers, simplifying integration with Point of Sale (POS) terminals on a global scale.

Zeal’s CEO, Omar Ebeid, expressed excitement about the future and stated, “This investment will accelerate our journey towards utilising 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.“

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.“

Founded in 2019, Zeal allows users to connect a payment method to the app’s QR code, enabling them to pay and collect loyalty points in a single transaction. The startup provides vendors with a data analytics dashboard to track spending at their branches in real-time and offers actionable insights to enhance customer engagement and loyalty.

With the funding, Zeal aims to become a leading Value Added Service solution for payment acquirers and merchants globally, marking a significant milestone in the evolution of retail customer engagement. The startup targets multi-sited food and beverage outlets, beauty salons, and barbershops, focusing on tech-savvy consumers in Egypt’s growing market.