Tookeez, a Moroccan fintech startup, has successfully secured $1.5m in funding to bolster its technical capabilities and expansion efforts.
The investment round was led by Azur Innovation Fund, a prominent public-private seed capital fund based in Casablanca.
The startup announced plans to use the funds to expand further into Morocco its base, as well as the MENA region. The funds will also be used to develop its blockchain technology system.
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With this strategic investment, Tookeez aims to establish itself as a leading force in Africa’s loyalty program landscape, targeting a reach of 4 million active users by 2028.
CEO of Tookeez Siham Elmejjad expressed gratitude for the investors’ trust, emphasizing the fundraising as a crucial step in their development. The goal is to reach 4 million active members by 2028, positioning tookeez as a genuine ecosystem for economic and financial inclusion in the region.
Also Speaking on the funds raised, lead investor Azur Innovation Fund expressed strong support for Tookeez, recognizing its potential to revolutionize the customer loyalty landscape.
President of Azur Innovation Fund Adnane Filali said,
“We are proud to partner with Tookeez, a company redefining the way businesses and consumers interact through loyalty programs. Their vision perfectly aligns with our mission of supporting impactful entrepreneurs who are shaping the future”.
Founded by Hicham Amadi, Tookeez facilitates interoperability between different loyalty programs, allowing users to effortlessly convert their points across a diverse array of partners. This interoperability not only enhances user flexibility but also encourages broader engagement with loyalty initiatives.
Tookeez offers a user-friendly solution by aggregating loyalty points from various programs into a single, secure digital wallet. This empowers users to seamlessly transact across a vast network of partner stores and brands using their accumulated points. Businesses, on the other hand, benefit from a streamlined system that allows them to offer point-based redemption options to their customers.
The financial landscape in Africa and the Middle East is witnessing remarkable growth, with the loyalty market projected to reach $6.48 billion by 2024. A steady compound annual growth rate (CAGR) of 12.1% from 2019 to 2023 underscores the region’s burgeoning potential, with expectations of continued expansion at a CAGR of 9.7% between 2024 and 2028.
While the North African market boasts a burgeoning landscape of loyalty program startups, the Moroccan arena sees stiff competition from contenders like WaR and Advantages Entérprises. However, tookeez stands out with its innovative approach and strategic partnerships.
As Tookeez secures substantial backing for its technical advancement, it is poised to further disrupt the fintech space, offering a transformative solution to streamline loyalty programs and enhance the user experience across the region.