Egypt’s Zeal raises six-figure Seed funding round

Zeal Rewards, a mobile payments and loyalty startup has announced the completion of a six-figure Seed funding. Zeal is part of SETsquared, an incubator in the UK.

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Founded by Omar Ebeid, Bellal Mohamed, and Amr Mohamed in 2019, Zeal’s payment experience is inspired by Apple Pay’s experience and allows users to connect a payment method to the Zeal app QR code and present it to a scanner in-store to pay and collect loyalty punches in the same transaction.

The startup is on a mission to end fragmented in-store customer experiences including:
- unnecessary long cashier queues
- wasteful loyalty programs
- poor customer identification

Retailers, food and beverage outlets, and beauty salons are able to accept loyalty powered QR code and remote payments through the Zeal app. This removes the hassle of having to pay by card/cash and punch your loyalty cards in two separate steps.

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Omar Ebeid, Founder and CEO at Zeal commented, "With financial inclusion prioritised by the Central Bank of Egypt and a population of 100M, Zeal is bringing Egyptians a seamless and rewarding mobile payments experience. We are targeting multi-sited food and beverage outlets, beauty salons, and barbershops that are serving affluent and tech-savvy consumers.”

Through Zeal, vendors receive a data analytics dashboard that tracks live spending at their branches, with the ability to forecast future customer spending using artificial intelligence. The dashboard enables vendors to view actionable insights to trigger consumer behaviour, engage with customers through targeted offers, push notifications, and analyse customer data to increase their purchasing frequency and customer loyalty."

Caroline Fleming, Centre Director at SETsquared Surrey, added, "The Zeal team has definitely shown their eagerness to tackle a global fintech and customer retention problem that every B2C enterprise faces. We look forward to their continued growth."

Zeal will use the newly raised funds to grow its team and scale its operations in Egypt and the UK. 

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