Home Community Insights Egypt-based Fintech Startup Zeal Raises $4 Million in Funding Round

Egypt-based Fintech Startup Zeal Raises $4 Million in Funding Round

Egypt-based Fintech Startup Zeal Raises $4 Million in Funding Round

Egyptian-based Fintech startup Zeal has announced the raise of $4 million in a funding round.

The round was led by Raed Ventures and Cur8 Capital, with participation from several angel investors.

Zeal funding comes less than a year after the co-founder, Omar Feid, announced that the company had received its “EIS Tax relief advanced assurance,” which is an endorsement from HM Revenue and Customs indicating that an investment in the company could qualify for tax relief.

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The startup intends to use the funds raised to expand its cutting-edge technology solutions throughout the EMEA region, building on its recent entry into the UK market.

Speaking of the fund raised, the CEO of Zeal, Omar Ebeid expressed enthusiasm about the startup’s plan to revolutionize retail customer engagement.

In his words,

This investment will accelerate our journey towards utilizing AI to revolutionize retail customer engagement on a global scale. We are committed to broadening our impact, with a focus on connecting billions of customers with millions of retailers.“

With a remarkable platform and a clear vision, Zeal is poised to emerge as the premier Value Added Service solution for payment acquirers and merchants on a global scale. The startup’s latest funding not only marks a milestone for the company but also signals a transformative era in the evolution of retail customer engagement.

Founded in 2019 by Ebeid, Bellal Mohamed, and Amr Mohamed, Zeal allows users to link a payment method to the app’s QR code, which they can then present to an in-store scanner for payment and loyalty punch collection in a single transaction. 

Vendors receive a dashboard for data analytics that tracks real-time branch spending, which they can forecast future customer spending with this AI-powered dashboard. 

The Fintech startup takes care of the entire payment flow for its partners, from debiting the employer’s bank to paying wages and managing tax disbursements. Zeal’s in-house payment specialists provide fast, accurate resolutions to payment support requests.

Zeal is engineered from scratch to cater to the specific needs of the staffing industry. The platform provides greater clarity, control, and confidence to both direct employers and high-growth platforms.

The company says it has achieved notable advancements in the payments industry, forging partnerships with key players such as Ingenico and Network International and securing accolades like the Visa Everywhere Initiative. 

Zeal wants to empower companies to build hyper-individualized financial products their users love. The startup’s robust and reliable payroll infrastructure allows any company to launch their payroll product.

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