Resal, the prominent Saudi Arabia-based e-gifting platform, has successfully raised $9m in a Series A funding round.
The investment was supported by a consortium of investors including Derayah Ventures Fund, Al-Wafrah AlThanya Investment Company, Venture Souq FinTech Fund, ADDiriyah Asset Management, Nomad Holdings, Bugshan Investment Group, along with several family offices and angel investors, according to a report from Wamda.
Founded in 2016 by Fouad Alfarhan and Hatem Kameli, Resal specialises in digital solutions that connect merchants, companies, and individuals. The platform enables the efficient management and exchange of loyalty points, prepaid cards, and vouchers from diverse sources such as banks, telecom companies, and airlines.
The freshly acquired funds are earmarked to drive Resal’s growth within Saudi Arabia. The company plans to target new sectors, launch innovative technological products for alternative payment solutions, loyalty programs, and rewards, and expand its network of partners and infrastructure across various sectors.
During the funding announcement, Hatem Kameli, co-founder and CEO of Resal, commented, “Our success in securing these investments is a significant testament to the investors’ and partners’ belief in Resal’s role and its team’s efforts in developing an effective digital ecosystem that contributes to providing innovative solutions in loyalty programs, digital rewards, and alternative payments, in alignment with Saudi Arabia’s Vision 2030.
“We have doubled our sales growth recently and have increased the number of beneficiaries of our solutions to more than 1.5 million users and over 1,000 entities and organisations across more than 15 sectors. This investment strengthens our confidence in delivering an ideal experience and launching a number of innovative solutions and products.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
