- Startup: Loyalty.
- Founding date: 2016.
- Country: UAE, KSA.
- Investors: Alistithmar Capital, Tech Invest Com, Hambro Perks Oryx Fund.
Merit, which focuses on customer and engagement technology, announced securing $12M in a Pre-Series B round led by Alistithmar Capital with the participation of Tech Invest Com and Hambro Perks Oryx Fund. The startup surpassed its initial goal of $5M.
Providing communication and loyalty program solutions to companies, clients and employees, Merit said it has experienced notable growth, with a Cumulative Growth Rate exceeding 60% and a substantial increase in its user base by 80%, launching more than 100 instances across 20 additional countries.
The startup operates across over 160 countries and collaborates with upwards of 6,000 brands. Particularly in Saudi Arabia, the company has had a substantial influence, distributing in excess of a million rewards and gifts in 2023 alone. Looking to the future, Merit is set on increasing these efforts and aspires to enhance this tally threefold come 2024.
Merit’s CEO, Julie Barbier-Leblan, shared her positive outlook, saying: “We are feeling optimistic about our progress on both international and regional fronts. As we look ahead, we have exciting objectives on the horizon for the coming years. Our increased involvement in Saudi Arabia’s tech innovation ecosystem is something we are particularly pleased about. Looking forward, we anticipate a busy year ahead as we prepare to launch strategic projects. We recognize the immense market opportunity that awaits us, and we’re confident that our proprietary engagement solutions will meet the needs of our users”.
She emphasized the pivotal role of The Saudi Investment Bank (SAIB), a prominent financial institution known for its history of driving growth and achieving success. Notably, SAIB’s ownership of American Express Saudi Arabia serves as a testament to its ability to spearhead significant advancements in the financial sector, further propelling Merit’s journey of growth and development.
The investment from Alistithmar Capital is the first investment of the newly launched SAIB Venture Studio, which has been set up to launch new initiatives for customers in technology and fintech, leveraging SAIB’s capabilities.
CEO of the Saudi Investment Bank Faisal Al-Omran, elaborates on the SAIB Venture Studio, saying: ” This strategic collaboration with Merit aims to launch innovative digital solutions to the market. It comes as an outcome of the untiring efforts by SAIB Venture Studio to invest in innovative technologies and fintech companies and launch a stream of initiatives in fintech and loyalty programs”.
He added: “We boast our loyalty history as one of the first banks in the Kingdom to launch a digital loyalty program. Our good track record with innovation partners, technology, and good synergies with many fintech partners – such as this strategic partnership with Merit – definitely contributes to boosting our leadership.”
Founded in 2016 in UAE, Merit announced the closure of its $5M Series A round in 2021, led by Impact46 with the participation of several investors including Tech Invest Com and Hambro Perks Oryx Fund which also participated in the latest round, followed by opening regional headquarter in KSA.