– Resal, a Saudi company specializing in digital cards and loyalty programs, has secured $9 million in a funding round involving key investors such as Derayah Ventures Fund, Al-Wafrah AlThanya Investment Company, and Venture Souq FinTech Fund.

– The investment will be used to accelerate Resal’s growth within Saudi Arabia by targeting new sectors, launching innovative payment solutions and loyalty programs, and expanding its partner network and infrastructure.

– The company offers a comprehensive suite of digital products, including platforms for merchants and businesses to design loyalty programs, manage payments, and enhance customer engagement, along with a wallet app for individuals to consolidate and use loyalty points.

Resal, a Saudi company operating in digital cards, rewards solutions, and loyalty programs, announced the closure of a USD 9 million investment 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.

Resal indicated that the investments from this round will be utilized to accelerate its business growth within the Kingdom by expanding its targeting of new sectors, launching various technological products for alternative payment solutions, loyalty programs, and rewards, in addition to expanding its partner network and infrastructure across several different sectors.

Hatem Kameli, Co-founder and CEO of Resal, said, “Our success in securing these investments is a significant testament to the investors’ and partners’ belief in Resal‘s role and its team’s efforts in developing an effective digital ecosystem that contributes to providing innovative solutions in loyalty programs, digital rewards, and alternative payments, in alignment with Saudi Arabia’s Vision 2030.”

He further commented on the company’s growth, saying, “We have doubled our sales growth recently and have increased the number of beneficiaries of our solutions to more than 1.5 million users and over 1,000 entities and organizations across more than 15 sectors.

“This investment strengthens our confidence in delivering an ideal experience and launching a number of innovative solutions and products.” 

Faris Al-Rashed, Chairman of Derayah Ventures, added, “Our belief in the team is what drove us to be part of Resal from the beginning. What Resal has achieved today is the result of outstanding efforts made over many years to elevate loyalty programs and financial technology in Saudi Arabia and the Gulf.”

Salah Khashoggi, Chairman of Al-Wafrah Investment Company II, stated, “The Resal platform is one of the pillars of our vision to create an innovative technological ecosystem that connects individuals and organizations through a large network of partners and financial sectors, providing alternative solutions that help develop the digital ecosystem for alternative payments. We believe in the smart capabilities and innovative solutions it offers.”

Through the “Resal for Merchants” platform, merchants and brand owners can easily design loyalty programs and digital cards, interact with customers. Companies can also benefit from the “Resal for Business” platform by sending digital prepaid cards, points, offers, and discounts as employee and customer rewards.