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Egyptian Fintech Startup Zeal Raises Investment to Scale Operations in the UK

The mobile payments startup seems to have turned heads during its incubation with the UK’s SETsquared.

Egypt-based fintech, Zeal Rewards, seems to have impressed during its incubation in the UK’s SETsquared. A specialist in mobile payments and loyalty schemes, the startup has announced that it will look to scale operations in both Egypt and the UK, after raising an undisclosed six-figure investment.

Founded in 2019 by Omar Ebeid, Bellal Mohamed and Amr Mohamed Zeal, Zeal quickly landed on radars for its QR code-based payment solutions, which it believes can end what it calls a 'fragmented in-store customer experience'. Retailers, F&B outlets and beauty salons are among the startup's clients, all of whom can accept remote payments and loyalty-powered QR codes, alleviating the need to pay by cash or card.

Its services to its clients don't end there, however. Zeal also offers vendors the use of a dynamic data analytics dashboard.

“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,” Omar Ebeid, who also serves as Zeal’s CEO, elaborates. “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."

While the prospect of digging your heels into the UK market is certainly a chance to pass up for MENA startups, Zeal still has one particular goal for its native Egypt: financial inclusion. As one of, if not the, top area of attack for fintechs, it’s a goal that has also helped cement itself in the UK, as Caroline Fleming, Centre Director at SETsquared Surrey, asserts. "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."

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