PointCheckout, an online payment method for reward points and miles, has closed a seed round of $600,000 to allow users to pay with their reward points and miles online at over 1,000 leading online merchants across the MENA region. The fintech’s funding round includes Arzan VC, 500 Startups, Dubai Angel Investors, Hala VC, and DTEC Ventures. This also marks the first time these investors co-invest together in the same startup.
Co-founders Bashar Saleh and Tarek Ghobar have been validating PointCheckout with a number of reward programs and online merchants throughout 2018. “Consumer priorities and expectations are continuously changing, and we can’t continue to use the same solutions of the past 10 years to address this different outlook. Customers are online, on the move, and are extremely selective in how they associated with a reward program. PointCheckout helps existing reward programs meet their members on any app or online store, creating more value for a bank or an airline’s brand” says Bashar Saleh.
“Unlike vouchers, gift cards, or reward stores which lack flexibility and price competitiveness, customers shop directly at their favorite online stores and pay with points, or points + card, using PointCheckout. The best part for members is that PointCheckout works with the existing reward points they have, so no changes or conversions needed ”, says Tarek Ghobar.
The 2017 Loyalty Report reported over US $100 billion worth of reward points go unredeemed worldwide, and this number continues to grow. “Both the consumer loyalty and fintech industries are growing rapidly, and we feel the PointCheckout team is well equipped to bring new innovation to the market successfully” says Laith Zraikat, Partner at Arzan VC.
PointCheckout gives reward programs the advantage of a large redemption network across the MENA without having to handle any integration or change in existing loyalty infrastructure, yet with the added benefit of almost double user engagement. Online merchants benefit from a new customer acquisition channel and gain access to more than 1 million consumers regionally. PointCheckout is already live in Jordan and will be launching in 2019 in the GCC.
This investment will be used to grow the sales and operation teams and expand the technology further. Online shoppers can already sign up on www.pointcheckout.com and will be the first to know when their reward programs are available.