London-based Loyalize, a leading white-label engagement platform combines payment and loyalty into a single transaction. Now, the company pocketed £250K in pre-seed funding to ramp up platform development.
Focuses on payments as retail re-opens
The investment came from fund investors SFC Capital along with top-up contributions from both new and existing angel investors. The funding will let the company add more members to its development team. Also, it intends to build out new platform features that will add further value to its proposition. Loyalize operates with a strong focus on open banking and payments. Besides these, the company is eyeing for a larger seed round later this year.
This funding round comes at a critical time for UK retail as the retail sector is all set to re-open after a crucial year on account of COVID-19.
David John, founder of Loyalize commented: “Closing this pre-seed round is a significant milestone for us, even more so during a pandemic. It means we can ramp up our development efforts and start working on some exciting projects that we have planned for the rest of the year. Loyalty, and certainly payments, is such a vibrant space right now – experiencing huge levels of growth – and I’m looking forward to rolling out a number of propositions over the coming months.”
Aims to revolutionise payments
Loyalize was founded in 2019 by David John to revolutionise the way payments and loyalty fit together in the retail ecosystem. The retail tech company lets customers get rewarded on every transaction by connecting their payment card(s) or bank account(s) to an existing loyalty programme. This is different from the previous option wherein customers had to scan a plastic loyalty card or digital core to earn their added value prior to making the payment.
The white label platform tracks and aggregates data across connected cards and accounts via integrations with a single API. It provides a frictionless loyalty and payments experience for customers. For retailers, the platform’s technology combines speed, data accuracy and data transparency to provide a real-time, omnichannel view of customer transactions and purchasing behaviours, thereby letting them create segmented, targeted offers and campaigns.