The Egyptian fintech startup has revealed that it recently raised $4 million in funding via a round led by venture capital firms Raed Ventures and Cur8 Capital. CEO said the firm’s capital raise is expected to help Zeal accelerate its journey “towards utilizing AI to revolutionize retail customer engagement on a global scale.”

Enterprise Investment Scheme Tax Relief Advanced Assurance

Egyptian fintech startup Zeal has secured $4 million in funding to help the firm enter the European, Middle Eastern, and African markets. The funding round was led by two venture capital firms, Raed Ventures and Cur8 Capital, with the participation of several angel investors.

According to a Techpoint Africa report, Zeal’s latest capital raise announcement came less than a year after the fintech startup received an Enterprise Investment Scheme (EIS) tax relief advanced assurance. The United Kingdom’s tax authority HM Revenues and Customs (HMRC) uses this to determine if a company qualifies for the tax benefits associated with the schemes.

Omar Ebeid, the CEO of the customer loyalty fintech startup, suggested that the capital raised will also be used to enhance Zeal’s connection with customers.

“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,” the CEO said.

Meanwhile, Wael Nafee from Raed Ventures said there is a belief that Zeal’s “holistic product” will eventually become an important solution for the world’s payment service providers and POS [point of sale] machines.

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.