With participation from Derayah Ventures Fund, Al-Wafrah AlThanya Investment Company, Venture Souq FinTech Fund, ADDiriyah Asset Management, Nomad Holdings, Bugshan Investment Group, and multiple family offices and angel investors, Resal, the leading Saudi company in digital cards, rewards solutions, and loyalty programs, announced the successful closing of a $9 million investment round.
Resal stated that the funds raised in this round will be used to expand the company’s target market and expand its business growth within the Kingdom. This will be accomplished by introducing new technological products for alternative payment methods, loyalty schemes, and rewards, as well as by building out its infrastructure and partner network in a number of industries.
On this occasion, Hatem Kameli, co-founder and CEO of Resal, stated, “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.” He further commented on the company’s growth, saying, “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.”
Faris Al-Rashed, Chairman of Derayah Ventures, added, “Our belief in the team is what drove us to be part of Resal from the beginning. What Resal has achieved today is the result of outstanding efforts made over many years to elevate loyalty programs and financial technology in Saudi Arabia and the Gulf.”
In addition, Salah Khashoggi, Chairman of Al-Wafrah Investment Company II, stated, “The Resal platform is one of the pillars of our vision to create an innovative technological ecosystem that connects individuals and organisations through a large network of partners and financial sectors, providing alternative solutions that help develop the digital ecosystem for alternative payments. We believe in the smart capabilities and innovative solutions it offers.”
Resal provides solutions that make it easier to manage and exchange loyalty points, prepaid cards, and vouchers from a variety of sources, including banks, telecom companies, airlines, and governmental and non-governmental organizations. Resal’s goal is to build a broad network that links merchants, businesses, and individuals.
By connecting with Resal’s network of business and personal solutions, merchants and brand owners can quickly create digital cards and loyalty programs, engage with customers, and boost sales through the “Resal for Merchants” platform.
By offering digital prepaid cards, points, offers, and discounts as employee and customer rewards, businesses can also profit from the “Resal for Business” platform. The platform is user-friendly for managing expenses, making payments, and handling other financial tasks. It also makes refunds and compensations to customers easier.
Individuals can use Resal’s solutions to collect and aggregate loyalty points from various sources, including banks, telecom companies, and airlines, into a digital wallet via the Resal Wallet app. From there, they can exchange these points for value that can be applied to regular purchases from Resal’s network of over 1,000 brands.
