The Saudi digital cards, rewards solutions, and loyalty programs provider, Resal, announced the closure of a $9 million Series A round with participation from Derayah Ventures Fund, Al-Wafrah AlThanya Investment Company, Venture Souq FinTech Fund, ADDiriyah Asset Management, Nomad Holdings, Bugshan Investment Group, and several family offices and angels investors.

Why it Matters? Digital loyalty and rewards solutions have become essential tools for companies to enhance customer loyalty and growth.

More to Know:

• Resal was founded in 2016 by Hatem AlKamli and Fouad AlFarhan and started its operations as a gifting platform in 2018.
• The company has expanded into loyalty programs, rewards solutions, and digital cards since 2021.
• Resal said it has over 1.5 million users and works with over 1,000 government entities and organizations across 15 sectors.
• The company enables users to exchange their points and rewards with a network of over 1,000 brands, it said.
• The investment will be used to accelerate Resal growth in Saudi Arabia by targeting new sectors, in addition to launching products for alternative payment solutions and rewards programs.