Moroccan fintech Tookeez gets $1.5m in round led by Azur Innovation
TLDR
- Moroccan fintech startup Tookeez secures $1.5 million funding round led by Azur Innovation Fund for Loyalty Points Wallet platform.
- Tookeez's innovative platform merges loyalty points from diverse brands, enhancing transaction convenience across multiple stores.
- Future plans include expansion in Morocco and MENA, development of blockchain technology system, and reaching 4 million active members across Africa by 2028.
Moroccan fintech startup Tookeez has secured $1.5 million in a recent fundraising round led by the Azur Innovation Fund, known for backing innovative ventures in Africa and the MENA region.
Tookeez offers a versatile platform that consolidates loyalty points from various brands into a single wallet. This innovative solution enables seamless transactions across a wide network of shops and brands, presenting an additional revenue stream.
The startup plans to use the funds to expand into Morocco and the MENA region. The funds will also go into technical development for its blockchain technology system. Following this, tookeez plans to expand into other African countries by 2026 to reach 4 million active members by 2028.
Key Takeaways
Loyalty programs are designed to reward customer loyalty to a particular brand, but they often come with limitations such as slow point accumulation and difficult redemption processes. To address this issue, Tookeez aggregates loyalty points from multiple brands into a single wallet. This allows users to seamlessly transact across a diverse network of stores and brands using their accumulated points. Through Tookeez, brands can enable their customers to pay with loyalty points, enhancing customer engagement and retention. But it faces competition from startups like WafR and Advantages Enterprises, particularly in Morocco. The loyalty market in Africa and the Middle East is projected to expand to $6.48 billion by the year 2024. Over the period from 2019 to 2023, this market demonstrated a robust compound annual growth rate (CAGR) of 12.1%. Looking ahead, it is forecasted that the loyalty market in this region will maintain its growth trajectory, with an anticipated CAGR of 9.7% between 2024 and 2028.
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