Resal, an online gifting platform situated in Saudi Arabia, has Secured a $9 million Series A funding round.
In addition to other angel investors, the funding round was supported by Derayah Ventures Fund, Al-Wafrah AlThanya Investment Company, Venture Souq FinTech Fund, ADDiriyah Asset Management, Nomad Holdings, Bugshan Investment Group, and many family offices.
Resal was established in 2016 by Fouad Alfarhan and Hatem Kameli. The company provides a variety of digital products and solutions that help manage and exchange loyalty points, prepaid cards, and vouchers from different sources, with the goal of establishing a broad network that links businesses, individuals, and merchants.
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Resal stated that the funds from this round will be used to expand its partner network and infrastructure across multiple industries, as well as to launch new technological products for alternative payment solutions, loyalty programs, and rewards. All of these strategies will help to accelerate the company’s growth within the Kingdom.
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 organisations across more than 15 sectors. This investment strengthens our confidence in delivering an ideal experience and launching a number of innovative solutions and products.”
Resal provides solutions that make it easier to manage and exchange loyalty points, prepaid cards, and vouchers from a variety of sources, including banks, telecom companies, airlines, and governmental and non-governmental organizations. Resal’s goal is to build a broad network that links merchants, businesses, and individuals.
By linking with Resal’s network of business and personal solutions, merchants and brand owners can quickly create digital cards and loyalty programs, engage with customers, and boost sales using the “Resal for Merchants” platform.
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Using the “Resal for Business” platform, businesses may also gain by rewarding employees and customers with digital prepaid cards, points, incentives, and discounts. The platform facilitates consumer refunds and compensations and is user-friendly for managing expenses, making payments, and handling other financial tasks.
Individuals can convert their loyalty points into value that can be used for regular purchases from Resal’s network of more than 1,000 brands by using the Resal Wallet app, which helps them gather and aggregate points from various sources like banks, telecoms, and airlines into a digital wallet.
About Resal
Resal, a leading company in prepaid cards, incentives, and loyalty programs that help individuals, corporations, and merchants maximize digital value.
