Saudi Arabia: Resal, the leading Saudi company in digital cards, rewards solutions, and loyalty programs, announced the successful closure of a $9 million investment round with participation from Derayah Ventures Fund, Al-Wafrah AlThanya Investment Company, Venture Souq FinTech Fund, ADDiriyah Asset Management, Nomad Holdings, Bugshan Investment Group, and several family offices and angels investors.
Resal indicated that the investments from this round will be utilized to accelerate its business growth within the Kingdom by expanding its targeting of new sectors, launching various technological products for alternative payment solutions, loyalty programs, and rewards, in addition to expanding its partner network and infrastructure across several different sectors.
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 organizations 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 organizations 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 offers a range of digital solutions and products aimed at creating a large network that connects merchants, companies, and individuals by providing solutions that facilitate the management and exchange of loyalty points, prepaid cards, and vouchers from various sources, ranging from banks, telecom companies, and airlines to governmental and non-governmental organizations.
Through the “Resal for Merchants” platform, merchants and brand owners can easily design loyalty programs and digital cards, interact with customers, and increase sales by connecting with Resal’s solutions network for companies and individuals.
Companies can also benefit from the “Resal for Business” platform by sending digital prepaid cards, points, offers, and discounts as employee and customer rewards. The platform also simplifies customer refunds and compensations and can be easily used for expense management, payments, and other financial operations.
Resal’s solutions for individuals, through the Resal Wallet app, help accumulate and aggregate loyalty points from multiple sources such as telecom companies, banks, and airlines into a digital wallet, allowing them to convert these points into value that can be used for everyday purchases from Resal’s network of more than 1,000 brands.
