Egyptian fintech Zeal raises $4m to scale in MENA market
TLDR
- Zeal raises $4 million in funding round led by Raed Ventures and Cur8 Capital for expansion in EMEA region.
- Zeal's SmartPOS Plugin revolutionizes in-store customer engagement and payment intelligence.
- Zeal forms partnerships with Ingenico and Network International, with recognition from Visa Everywhere Initiative. Funding will extend reach and impact.
Zeal has raised $4 million in a funding round led by Raed Ventures and Cur8 Capital, along with participation from strategic angel investors. The infusion of capital is intended to support its expansion across the EMEA (Europe, Middle East, and Africa) region, following its recent entry into the UK market.
A key component of Zeal's product offering is the SmartPOS Plugin, which redefines in-store customer engagement and payment intelligence. The technology allows credit card machines to identify, segment, and retarget in-store customers, transforming how physical retailers interact with and retain their clientele.
The startup has already made strides in the payments industry, forming partnerships with key entities like Ingenico and Network International and receiving recognition such as the Visa Everywhere Initiative. The funding will further extend Zeal's reach and impact, bolstering its payment acquirers' portfolio and facilitating seamless integration with POS terminals on a global scale.
Key Takeaways
The MENA region is experiencing substantial growth in its financial technology (fintech) sector. Various fintech hubs have emerged throughout the region, directing significant investments towards dynamic, small companies. In 2021 alone, startups in the region secured over $2.5 billion in funding. Many of these companies are achieving successful initial public offerings (IPOs), marking a positive trend in the region's fintech landscape. The Gulf Cooperation Council (GCC) countries, in particular, have taken decisive steps into the realm of fintech. Some GCC fintech hubs have gained global recognition due to their size and influence. The challenge for these countries lies in capitalizing on this momentum to strengthen and sustain the fintech sector. This growth not only impacts financial services but also contributes to economic diversification and the overarching goal of fostering innovation in these nations.
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