By Kay Marham
Built on blockchain and smart contract technology, Loyyal has changed how loyalty programmes are run and rewards delivered
US-headquartered loyalty and rewards platform, Loyyal, has secured the GCC’s first ‘series A’ enterprise grade blockchain capital raise.
Built on blockchain and smart contract technology, Loyyal has changed how loyalty programmes are run and rewards delivered.
Saudi-based financial services company Integrated Networks (iNet) was the lead investor, supplemented by UAE Exchange Group, with the deal facilitated by Dubai-based global business facilitation firm, Naseba.
The deal, closed in just four months, positions iNet and UAE Exchange not only as investors, but also as strategic partners to Loyyal.
“Enterprises in the region are beginning to switch from buying solutions off the shelf to a strategy of blending private equity/venture capital with traditional tech purchases,” said Nicholas Watson, managing director of Naseba.
This deal, as a blueprint, sets precedent in helping regional enterprises expedite innovation.
“There’s an incredible opportunity for tech companies here to leverage digitisation programmes backed by government and private sector entities,” said Watson.
"We are grateful to Loyyal for letting us share in their success and highlight their story.”
Gregory Simon, CEO and Co-Founder, Loyyal, added: “Being present in the region through our local office, clients, investors and partners has enabled us to learn the ins and outs of making business happen here. We believe this region will become the heart of cutting-edge blockchain innovation. Like all startups, we were bootstrapping our capital raise process, but have ultimately achieved tangible outcomes in the region’s largest economy, Saudi Arabia.
“Through blockchain, Loyyal’s model provides significant cost-savings for the multi-billion loyalty and rewards industry. The GCC is a great market in which we can deliver this.”
Naseba and Loyyal are moving to the next stage of their plans to roll out enterprise blockchain in the region, which includes sharing Loyyal’s story at Naseba’s Enterprise FinTech Summit, taking place in Dubai this October.