Resal, a prominent provider of digital cards, reward solutions, and loyalty programs in Saudi Arabia, has successfully closed a major funding round. This investment signifies a crucial milestone for the company and highlights the expanding potential of innovative financial technologies in the Kingdom's fintech sector.

Investment Details

Resal has secured an impressive $9 million in its latest funding round. The investment attracted a diverse group of backers, including prominent names such as Derayah Ventures Fund, W2 Investments Company (also known as Al-Wafrah AlThanya Investment Company), VentureSouq Fintech Fund, and Diriyah Company (also referred to as ADDiriyah Asset Management). Additional participants included NOMD Holding, Bugshan Investment Group, along with various family offices and angel investors.

Company Overview

Founded with the vision of revolutionizing digital rewards and loyalty programs, Resal has quickly established itself as a key player in Saudi Arabia's fintech landscape. The company offers a comprehensive suite of digital solutions designed to create a robust network connecting merchants, companies, and individuals.

Innovative Product Ecosystem

At the heart of Resal’s offering is a sophisticated platform that facilitates the management and exchange of loyalty points, prepaid cards, and gift vouchers. This ecosystem integrates various sources, including banks, telecom companies, airlines, and both governmental and non-governmental organizations.

Resal's product line includes "Resal for Merchants," which enables businesses to design custom loyalty programs and digital cards, and "Resal for Business," a platform that simplifies employee and customer rewards management. For individual users, the Resal Wallet app allows for the accumulation and aggregation of loyalty points from multiple sources into a single digital wallet.

Growth and Market Penetration

The company has demonstrated impressive growth, recently doubling its sales and expanding its user base to over 1.5 million individuals. Resal's solutions are now utilized by more than 1,000 entities across 15 different sectors, showcasing its broad market appeal and versatility.

Strategic Use of Funds

Resal plans to leverage this new funding to accelerate its business growth within Saudi Arabia. Key focus areas include expanding into new sectors, launching innovative technological products for alternative payment solutions, enhancing loyalty programs and rewards, and broadening its partner network and infrastructure across various industries.

Leadership Perspective

Hatem Kameli, co-founder and CEO of Resal, views this investment as a strong validation of the company's vision and efforts. He emphasized the alignment of Resal’s innovative solutions with Saudi Arabia's Vision 2030, highlighting the company's role in developing an effective digital ecosystem for loyalty programs, digital rewards, and alternative payments.

Investor Confidence

The funding round has garnered enthusiastic support from investors. Faris Al-Rashed, Chairman of Derayah Ventures, expressed pride in being part of Resal’s journey from its early stages, crediting the company's success to its exceptional efforts in advancing loyalty programs and fintech in the region.

Salah Khashoggi, Chairman of W2 Investments Company, underscored the strategic importance of Resal’s platform in creating an innovative technological ecosystem that connects various stakeholders through a vast network of partners and financial sectors.

The successful closure of this $9 million funding round represents more than just a financial milestone for Resal. It signifies growing confidence in Saudi Arabia's fintech sector and highlights the potential for homegrown companies to drive innovation in digital financial solutions. As Resal moves forward with its expansion plans and continues to evolve its product offerings, it is poised to play a pivotal role in shaping the future of digital rewards and loyalty programs in Saudi Arabia and beyond.