Merit, a company that focuses on customer and engagement technology, announced it has reported oversubscription in its latest funding round, bringing in $12 million against a goal of $5 million in its pre-Series B effort led by Alistithmar Capital i-Cap and followed by existing Series A investors, Tech Invest Com and Hambro Perks Oryx Fund.
This milestone builds upon earlier Series A investment of $5 million in 2021 with Tech Invest Com, Impact46, Arzan VC, Hambro Perks Oryx Fund, and several renowned regional angel investors and reflects the hard work and dedication of the Merit team and board members.
What does Merit do? The company gears up to roll out its refined innovations, utilizing insights gained from the surge of its customer interactions experienced last year. Merit experienced notable growth with a Cumulative Growth Rate exceeding 60% and a substantial increase in its user base by 80%, launching more than 100 instances across 20 additional countries.
With a commitment of delivering value to its international user base and community partners globally with a global operation across over 160 countries and collaborating with upwards of 6,000 brands, Merit is now inviting competitive bids. Particularly in Saudi Arabia, the company has had a lot of influence, distributing in excess of a million rewards and gifts last year alone. Going forward, Merit is set on increasing these efforts and aspires to enhance this tally threefold come 2024.
SAIB funding into Merit is the first investment of the newly launched SAIB Venture Studio, which has been set up to launch new initiatives for customers in technology and financial technologies, leveraging SAIB’s capabilities.
KEY QUOTES:
“We are feeling optimistic about our progress on both international and regional fronts. As we look ahead, we have exciting objectives on the horizon for the coming years. Our increased involvement in Saudi Arabia’s tech innovation ecosystem is something we are particularly pleased about. Looking forward, we anticipate a busy year ahead as we prepare to launch strategic projects. We recognize the immense market opportunity that awaits us, and we’re confident that our proprietary engagement solutions will meet the needs of our users.”
- CEO Julie Barbier-Leblan
“This strategic collaboration with Merit aims to launch innovative digital solutions to the market. It comes as an outcome of the untiring efforts by SAIB Venture Studio to invest in innovative technologies and fintech companies and launch a stream of initiatives in fintech and loyalty programs.”
“SAIB Venture Studio is an innovative platform and a digital factory for developing ideas provided by SAIB. It has achieved many targets since its inception and is endeavouring for more and more.”
“We boast our loyalty history as one of the first banks in the Kingdom to launch a digital loyalty program. Our good track record with innovation partners, technology, and good synergies with many fintech partners – such as this strategic partnership with Merit – definitely contributes to boosting our leadership.”
- CEO at the Saudi Investment Bank Faisal Al-Omran
