Egyptian payment app receives a six-figure investment

Egyptian mobile payments, and loyalty startup, Zeal Rewards, has announced the conclusion of an undisclosed six-figure round of Seed funding. The funding raised will assist the startup in expanding across Egypt and the UK.

 Zeal Rewards secures undisclosed six-figure round of seed funding

The investment into Zeal Rewards app will accelerate a major new phase of growth for the Egyptian startup. 

The Zeal Rewards app

Founded in 2019 by Omar Ebeid, Bellal Mohamed, and Amr Mohamed, The Zeal Rewards App allows its users to integrate their preferred payment method into the QR code on the app. 

Incubated at SETsquared UK, Zeal Rewards aims to improve customer experience and increase financial inclusion. 

The app ensures customers are able to collect loyalty punches while paying in-store using the app via a scanner. 

In an official press release, Omar Ebeid, founder, and CEO at Zeal explains that the app will focus on rewarding and improving Egyptian consumer’s experience.

“With financial inclusion prioritised by the Central Bank of Egypt and a population of 100mn, Zeal is bringing Egyptians a seamless and rewarding mobile payments experience. We are targeting multi-sited food and beverage outlets, beauty salons, and barbershops that are serving affluent and tech-savvy consumers.”

Zeal Rewards’ main objective is to improve customer service and address issues such as long cashier queues, unnecessary loyalty programs, and defective customer identification. 

The app encourages retailers, food and beverage outlets, and beauty salons to make use of the loyalty powered QR code and remote payments simultaneously.

Benefits for Vendors

Vendors using the Zeal Rewards App are provided with a data analytics dashboard. The dashboard allows vendors to track spending at their branches in real-time and predict customer spending using artificial intelligence (AI). 

In addition, the dashboard gives vendors the opportunity to utilise the insights to influence customer behaviour by pushing notifications, analysing data, and engaging with customers through customised offers. The objective is to increase the frequency and loyalty of the customers.

Caroline Fleming, Centre Director at SETsquared Surrey, comments that Zeal Rewards demonstrates business growth.

“The Zeal team has definitely shown their eagerness to tackle a global fintech and customer retention problem that every B2C enterprise faces. We look forward to their continued growth.”

The app is available on the Apple store and Google play.

Read more: Egypt startup Paymob raises $3.5-million
Read more: Egyptian startup secures six-figure seed funding

Featured Image: Omar Ebeid, Founder, and CEO of the Zeal Rewards (Supplied)