Saudi investment firm Integrated Networks and a consortium of Middle East investors have acquired stake in Loyyal, a US-based blockchain loyalty and rewards platform, in a series A round which included other Middle Eastern investors as well.
Using blockchain and smart contract technology, Loyyal has built a loyalty and rewards platform to offer multiple industries ways to both improve profitability and engage customers. Established in 2001, iNet is founded by a group of Saudi investors and invests in payments and financial technologies fintech, information and communication technologies, and other strategic global investments. Other investors in this round include UAE Exchange and Hayaat Group.
Integrated Networks iNet is listed in the Middle East Investors Directory with the code SAU29.
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Loyyal, the blockchain innovator building a global loyalty network, today announced it has closed a Series A capital raise led by Integrated Networks (iNet) with participants including UAE Exchange, Hayaat Group, Day One Investments, and other international investors. Hayaat Group is an early investor and led the Loyyal Series Seed capital raise. The company will use the capital to complete development of its platform and accelerate its go to market strategy with long term strategic advisor and first client, Deloitte, strategic partnerships with value-added resellers IBM and Quidam, and strategic alliance with Capgemini.
Blockchain at a basic level is a protocol for the storage and transfer of value and is well suited to help solve challenges surrounding coalition programs and granular data collection and targeting for program operators. Loyyal's offering provides the industry with several powerful capabilities to drive higher profitability while putting the customer, such as dynamic interoperability and scalability, real-time value transfer, security of records, programmable rewards, and improved liability management options.
As leading program operators go through a digital business transformation, with changing consumer demands, expectations and greater competition, Loyyal aims to provide them with a universal platform enabling increased program efficiency as well as the capability to provide personalized, dynamic rewards to their customers in order to increase program ROI.
Safwan Zaheer, Director and Head of Fintech, KPMG US and on Loyyal's Board of Advisors, recently stated that "Blockchain might represent technology that has potential to give rise to the second era of 'internet' revolution." He also said of Loyyal that "It removes friction around delay, cost, and poor integration with other payment instruments, enabling financial institutions, brands, and retailers to create new experiences for its customers."
According to Abdullah Altamami, Investments Director from lead investor Integrated Networks (iNet), "Loyalty programs are an integral part of any large-scale telecom, banking networks, and retailers. With Loyyal's success thus far, and Blockchain's ability to target and customize rewards, redemption can be dramatically increased, and value amplified for the end user, making programs much more effective commercially and financially."
Abdullah further added, "As is the case with all of our investments, and more so with Loyyal, iNet intends to be an active shareholder, driving potential deals and partnerships throughout our network in KSA and GCC to empower this expansion."
Promoth Manghat, CEO, UAE Exchange Group, said, "Blockchain technology has immense potential and Loyyal is a great platform to experiment with such new ideas. As a Group we have always encouraged innovation. In Loyyal, we have found like-minded entrepreneurship, promise and the caliber to deliver. We are glad to be a part of this innovative initiative."
Greg Simon, CEO and Co-Founder of Loyyal said, "This new capital, our third round of fundraising, will allow us to complete production of our live platform into a fully scalable and robust blockchain-based loyalty solution to meet increasing enterprise demand worldwide. These new strategic investors including iNet, UAE Exchange and Day One Investments will help us expand into new regions and industries. It is important to Loyyal to secure both US and International investment that supports our strategy to be the first truly global and universal platform in the loyalty and rewards industry, the Internet of Loyalty."
Simon added, "Our strategic investors not only provide us with the capability to make our platform scalable and solidify our go to market strategy, but also open up markets and provide enterprise clients that will increase revenue and accelerate adoption."
Naseba, a global company that supports companies entering new markets, raising capital and securing enterprise partners was instrumental in the closing of this series A financing.
Loyyal, the Internet of Loyalty, is reinventing how loyalty is created and rewarded. Using blockchain and smart contract technology, Loyyal has built an interoperable loyalty and rewards platform to address a highly fragmented industry, and offer multiple industries an innovative way to both improve profitability while putting the customer first. For information about Loyyal, please visit www.loyyal.com or email firstname.lastname@example.org.
Established in 2001, iNet is a private organization founded by a group of prominent Saudi investors, with an aim to provide a synergized array of technologies across Payments & Financial Technologies (FinTech), Information & Communication Technologies (ICT) and Strategic Global Investments. For more information, please visit www.inet.net.sa.
UAE Exchange Group is a leading name in global money transfer, foreign exchange and payment solutions. The Group has close to 800 outlets across 28 countries, the largest network among remittance brand. Over 9000 employees representing more than 40 nationalities work incessantly to bring delight to more than 15 million customers worldwide. It offers several proprietary products like Xpress Money, the global instant money transfer service with 180,000 agent locations across 150 countries; FLASHremit, the instant account credit facility available in over seven countries; gocash, the multi-currency prepaid card; Smart Pay, the WPS-compliant Payroll solution etc. The brand's penchant for excellence has won it several recognitions including the prestigious Dubai Quality Gold, SKEA, TISSE 2012 certification, Superbrands, ISO, Asia's Most Promising Brand Award and more. Travelex, the foreign exchange specialist, which has 1500 outlets in all major international airports across 29 countries is an affiliate of UAE Exchange Group.
Three decades in the Middle East and Europe has cemented Hayaat Group's reputation as one of the premier investment companies in the region. Please visit www.hayaatgroup.com.
Passionately searching for blockchain enabled solutions for legacy systems and unsolved problems. Creating partnerships with entities in emerging market that earnestly need innovative solutions. Evangelizing the Blockchain, and adding value through investments, connections, and implementations.
US-headquartered loyalty and rewards platform, Loyyal, has secured the GCC's first 'series A' enterprise grade blockchain capital raise. Built on blockchain and smart contract technology, Loyyal has revolutionized how loyalty programmes are run and rewards delivered.
The deal was facilitated by Naseba's investor introduction division, with Saudi-based financial services company Integrated Networks (iNet) as the lead investor and supplemented by the region's leading exchange house, UAE Exchange Group.
The deal, closed in just four months, positions iNet and UAE Exchange not only as investors, but also as Loyyal's strategic partners.
"Enterprises in the region are beginning to switch from buying solutions off the shelf to a strategy of blending private equity/venture capital with traditional tech purchases," said Nicholas Watson, Managing Director, Naseba, a global business facilitation company that has enabled technology deal-flow since 2003.
This deal, as a blueprint, sets precedent in helping regional enterprises expedite innovation. Recognizing this trend, Naseba has championed adoption through deal facilitation platforms. It supports companies looking to secure investments or commercial deals with partners and buyers, by combining market intelligence with B2B introductions.
"There's an incredible opportunity for tech companies here to leverage digitization programmes backed by government and private sector entities," said Watson. "We are grateful to Loyyal for letting us share in their success and highlight their story."
Gregory Simon, CEO and Co-Founder, Loyyal, added: "Being present in the region through our local office, clients, investors and partners such as Naseba have enabled us to learn the ins and outs of making business happen here. We believe this region will become the heart of cutting-edge blockchain innovation. Like all startups, we were bootstrapping our capital raise process, but ultimately decided to partner with Naseba to leverage their history and business network. They have access to information that many others don't, which allowed us to achieve tangible outcomes in the region's largest economy, Saudi Arabia."
"Through blockchain, Loyyal's model provides significant cost-savings for the multi-billion loyalty and rewards industry. The GCC is a great market for us to deliver this in."
Naseba and Loyyal are moving to the next stage of their plans to roll out enterprise blockchain in the region, which includes sharing Loyyal's story at Naseba's Enterprise FinTech Summit taking place in Dubai this October.
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