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."
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.