Saudi-based Merit secures $28 million in Series B funding to expand its customer loyalty and rewards platform
Dubai-Based Customer Rewards Platform Merit Secures $28 Million in Series B Funding
Merit, a customer rewards and engagement platform based in Dubai, has raised $28 million in a Series B funding round. This round was led by Alistithmar Capital and Tech Invest Com, with participation from Endeavor Catalyst, Salica Investments, and Stride Ventures [1].
Founded in 2016 by Julie Barbier-Leblan, Merit has grown significantly over the years. The company currently boasts a network of over 6,000 retail and service partners across more than 100 countries [1].
Merit's product portfolio includes Rewardsby, a SaaS platform for businesses to send rewards, and GiftCardsBy, a platform for businesses to create and sell gift cards. The company also operates a white-labeled loyalty marketplace that enables enterprises to create customised rewards programs for customers and employees [1].
The funding will be used to expand Merit's presence in key markets, including Saudi Arabia, the UAE, and Egypt, while enhancing its technology infrastructure [1]. The company plans to leverage an AI-powered "Agent as a Service" platform to support business engagement and loyalty strategies [2].
This service integrates gamification, personalized rewards, and data analytics to optimize customer engagement and deliver measurable loyalty outcomes [2][5]. The AI-driven approach enables real-time engagement and personalized customer journeys, thus empowering brands to deepen relationships and create stronger emotional connections through data-driven, adaptive agent services [5].
In recent years, Merit has shown impressive growth. In 2023, the company reported significant growth, increasing its user base by over 80 percent and distributing more than a million rewards in Saudi Arabia alone [3].
The company's expansion strategy focuses on forming strategic partnerships to implement and operate loyalty platforms, such as the AlFursan Store with Saudia, which offers a broad range of redemption options to boost member satisfaction and engagement [1].
Merit's offerings span various categories, including hospitality, retail, travel, and health [1]. With this new funding, Merit is poised to continue its growth and revolutionise customer rewards and engagement strategies on a global scale.
[1] - https://www.merit.me/ [2] - https://www.merit.me/agent-as-a-service/ [3] - https://www.arabianbusiness.com/companies/merit-secures-28m-series-b-funding-to-expand-customer-engagement-platform-822485.html [4] - https://www.zawya.com/mena/en/press-release/companies-news/merit-secures-28-million-series-b-funding-to-expand-customer-engagement-platform-in-the-middle-east-and-north-africa-822485/ [5] - https://www.forbesmiddleeast.com/industry-insights/merit-secures-28m-series-b-funding-to-expand-customer-engagement-platform-in-the-middle-east-and-north-africa/725079/
The funding from the Series B round will be used to enhance Merit's technology infrastructure, allowing for the integration of AI-powered services such as the Agent as a Service platform. With this advanced technology, Merit aims to optimize customer engagement and deliver personalized loyalty outcomes.
The expansion strategy of Merit involves implementing and operating loyalty platforms in key markets, leveraging cutting-edge technology to revolutionize customer rewards and engagement strategies on a global scale.
