Although the worth of the seed actualised is yet to be disclosed, Zeal the Egyptian startup FinTech company has raised its first round of seed with the intent to inject the fund in its business operations to attain expansion of services. The FinTech company administers a mobile digital payment platform with customer loyalty as a service.
In 2019, the FinTech platform launched in Egypt with three of its indigenes named, Amr Mohamed, Omar Ebeid, and Bellal Mohamed as the founders of the mobile digital payment app. Zeal grants its users the access to link to a payment method to the QR code pre-installed in the Zeal app to process a payment. As soon as the payment proceeds, it then redirects the payments details to its pre-installed scanner which further pays its user a reward for each transaction.
The startup mobile digital payment platform also pre-installed an artificial intelligence designed to forecast its users spending by studying their behaviour over time. This feature is displayed on its dashboard. Data analytics is also made accessible on its vendors’ dashboard that is enabled to track its users live spending at their branch.
The dashboard in the Zeal app serves as the central intelligence that permits vendors and its users to interact while tracking transactions. The dashboard is lucratively structured as it interacts with vendors via comprehensible details that prompts its consumer behavior which further targets its customer via interesting offers.
The Zeal app is powered by its artificial intelligences which boost efficiency in involving all its participants to interactively process a transaction, whereas the payment platform also pushes notifications to evaluate its user data with the intent to increase loyalty.
The Egyptian central bank has approved the mobile digital payment app to process transactions to all its one hundred million residents as its potential customers within the nation-state, ”Zeal is bringing Egyptians a seamless and rewarding mobile payment experience.” – the Egyptian startup company marketing team disclosed that its payment platforms is developed to serve multi-stationed eateries, supermarkets, salons (beauty salons and barbershops), beverage outlets etc, “We are targeting a marketplace that are serving affluent and tech-savvy consumers,” said Omar Ebeid.
The startup did not disclose the amount of the investment it received just as the investor that issued the funds preferred the anonymity. The company intends to use the funds to breed and expand its business operations in Egypt, its host country while expanding across Europe with UK as its starting point.
The Centre Director at SETsquared Surrey, Caroline Fleming said: “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.”
Zeal plans to use its SETsquared background to influence its productivity in the UK FinTech remittance marketplace because the payment platform was developed under the UK accelerator programs designed for startups.