Egyptian mobile payments app Zeal raises seed funding for next phase of growth

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Egyptian startup Zeal, mobile payments and customer loyalty startup, has raised an undisclosed round of seed funding to help it grow its team and scale operations in Egypt and the United Kingdom (UK).

Founded by Omar Ebeid, Bellal Mohamed, and Amr Mohamed in 2019, Zeal allows users to connect a payment method to the Zeal app QR code and present it to a scanner in-store to pay and collect loyalty punches in the same transaction.

Vendors receive a data analytics dashboard that tracks live spending at their branches, with the ability to forecast future customer spending using artificial intelligence. The dashboard enables vendors to view actionable insights to trigger consumer behavior, engage with customers through targeted offers, push notifications, and analyse customer data to increase their purchasing frequency and customer loyalty.

“With financial inclusion prioritized by the Central Bank of Egypt and a population of 100 million, Zeal is bringing Egyptians a seamless and rewarding mobile payments experience. We are targeting multi-sited food and beverage outlets, beauty salons and barbershops that are serving affluent and tech-savvy consumers,” said Ebeid.

The funding, which comes from an unnamed investor, will be used by Zeal to grow its team and scale its operations in Egypt and the UK. The UK link comes after Zeal was incubated at SETsquared UK.

“The Zeal team has definitely shown their eagerness to tackle a global fintech and customer retention problem that every B2C enterprise faces. We look forward to their continued growth,” said Caroline Fleming, centre director at SETsquared Surrey.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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