Egyptian-UK fintech Zeal raises USD 10 mn to back expansion plans

Egyptian-UK fintech player Zeal has raised some USD 10 mn in a funding round, bringing its total funding to USD 14 mn, according to a company statement. The fresh capital will fund a rollout across more than 4 mn card machines over the next two years, backed by signed contracts with global payment acquirers. The company did not disclose who participated in the round.

How Zeal works: Zeal offers loyalty services for merchants. They can set up stamps or points, collect phone numbers, or connect an existing loyalty program through their acquirer’s system. For acquirers and payment providers, there’s Merchant Health, a feature that flags changes in sales, terminal activity, and failed payments so teams can spot potential account issues before they escalate.

REMEMBER- We first covered Zeal back in 2022, when founder and CEO Omar Ebeid described how a London juice-bar cashier asking for a loyalty card — one he’d inevitably lose — led him to build a digital alternative and later bring the concept to Egyptian retail. In January 2024, Zeal raised USD 4 mn in a round led by Raed Ventures and Cur8 Capital, earmarked for AI integration and expansion into Cyprus, Greece, Saudi Arabia, and the UAE.

What’s next: Zeal says more large-enterprise partnership announcements are coming as it expands its acquirer relationships. Worth watching which acquirers and terminal manufacturers it names once the signed contracts start going live.