Egyptian Fintech Zeal Raises $4 Million Seed Round

Egyptian fintech and customer loyalty app, Zeal, has concluded a $4 million funding round led by Raed Ventures and Cur8 Capital, in addition to support from strategic angel investors.

Established in 2019 by Omar Ebeid, Zeal specialises in providing payment solutions for offline businesses and retailers, aiming to enhance in-store customer engagement and brand loyalty. The company's flagship technology, the SmartPOS Plugin, enables credit card machines to identify, categorise, and retarget in-store customers. Having recently expanded to the UK, Zeal plans to utilise the newly acquired funds to further extend its presence across the broader MENA region, focusing on building data and analytics solutions tailored for the FMCG (Fast-Moving Consumer Goods) and telecom sectors.

"This investment will accelerate our journey towards utilising AI to revolutionise retail customer engagement on a global scale,” Ebeid tells StartupScene. “We are committed to broadening our impact, with a focus on connecting billions of customers with millions of retailers."

Since its launch, Zeal has achieved notable success in the payments industry through partnerships with industry leaders like Ingenico and Network International, along with recognition such as the Visa Everywhere Initiative awards.