resal, a Saudi company specializing in digital card, reward solutions and loyalty programs, announced the closure of a $9 million funding round. This round saw participation from several investors, including Derayah Ventures Fund, W2 Investments Company, VentureSouq Fintech Fund, Diriyah Company, NOMD Holding, Bugshan Investment, along with various family offices and individual investors.
resal stated that it will use these investments to enhance its business growth in the Kingdom by expanding its targeting of new sectors. The company also plans to launch new tech products for alternative payment solutions, loyalty programs, and rewards, in addition to expanding its partner network and infrastructure across several different sectors.
Hatem Kameli, co-founder and CEO of resal, commented on this success, saying, “Securing these investments is a significant testament to investors’ belief in resal’s role in developing an effective digital ecosystem that contributes to delivering innovative solutions in loyalty programs, digital rewards, and alternative payments, in line with the Kingdom’s Vision 2030.” Hatem Kameli added that the company has doubled its sales growth recently, with the number of beneficiaries of its solutions exceeding 1.5 million users and more than 1,000 entities and organizations across more than 15 sectors.
Faris Al-Rashed, Chairman of Derayah Ventures Fund, expressed his pride in being part of Resal since its early days, noting that resal’s achievements today are the result of exceptional efforts to advance loyalty programs and fintech in the Kingdom and the Gulf.
Salah Khashoggi, Chairman of W2 Investments Company, emphasized the importance of resal’s platform in their vision to create an innovative tech ecosystem that connects individuals and organizations through a vast network of partners and financial sectors. He also highlighted their belief in the smart capabilities and innovative solutions offered by the company.
resal offers a range of digital solutions and products aimed at creating a network that connects merchants, companies, and individuals. resal provides solutions that facilitate the management and exchange of loyalty points, prepaid cards, and gift vouchers from various sources such as banks, telecom companies, airlines, and governmental and non-governmental organizations.
