Saudi's Merit secures $12 million in pre-Series B financing for its customer incentive and interaction system
Merit Raises $12 Million in Pre-Series B Funding for Growth and Expansion
Merit, a Riyadh-based rewards and engagement platform, has secured $12 million in a pre-Series B funding round. The investment marks the first by the newly launched SAIB Venture Studio.
Founded in 2016 by Julie Barbier-Leblan, Merit has been steadily expanding its operations and services. In 2023, the startup moved its headquarters from Dubai to Riyadh.
The recent funding round will see Merit focusing on growth through strategic partnerships and geographic expansion. One such partnership is with Saudia Airlines' AlFursan Loyalty Program, aimed at enhancing and innovating customer engagement and loyalty offerings.
Merit's strategy primarily involves expanding expertise and services in leveraging technologies such as AI to deepen customer engagement and deliver differentiated loyalty experiences. The startup also aims to collaborate with major regional players in sectors like aviation to broaden its platform’s reach and applicability.
Positioning itself within key sectors relevant to digital transformation and loyalty innovation across the Gulf Cooperation Council region, Merit is capitalizing on partnerships like the one with Saudia to access large consumer bases.
Though no explicit details on other aspects of their expansion or new product launches post-funding are provided, the emphasis on partnerships with prominent firms suggests Merit is scaling through integrating its platform into established loyalty networks and potentially leveraging AI technologies in its solutions.
Merit's flagship product is a white-labeled loyalty and rewards marketplace that businesses can customize for their brand. The startup also operates various online platforms, providing businesses with gifting, rewards, and engagement solutions for customers and employees.
Rewardsby, a SaaS platform operated by Merit, allows businesses to buy and send rewards to customers or employees for a monthly fee, with a 3% processing fee. Another platform, GiftCardsBy, enables businesses to sell gift cards to their customers for a monthly fee starting from $25.
With over 6,000 retail and service partners from more than 100 countries, Merit is well-positioned to expand its reach and offer its services to a global audience. The funding round was led by Alistithmar Capital i-Cap, with participation from existing investors Tech Invest Com and Hambro Perks Oryx Fund.
As Merit continues to grow and expand, it is poised to become a leader in intelligent, digitally enabled customer engagement solutions across the Gulf Cooperation Council region and beyond.
- Merit, with its focus on expanding expertise and services in leveraging technologies such as AI, aims to strengthen its presence in the finance and technology sectors as it scales through integrating its platform into established loyalty networks.
- The recent funding round will facilitate Merit's business growth, enabling it to forge strategic partnerships, particularly in sectors like aviation, and expand its services globally, reaching a wider consumer base.
