Resal raises $9mln funding round to expand business in Saudi Arabia

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Riyadh – Resal, a Saudi technical platform for digital card solutions, has closed a $9 million investment round, according to a press release.

The funding round was led by Derayah Ventures Fund, Al Wafrah AlThanya Investment Company, Venture Souq FinTech Fund, ADDiriyah Asset Management, Nomad Holdings, Bugshan Investment Group, and several family offices and angel investors.

Resal will use the funding to accelerate its business growth within the Kingdom by expanding its targeting of new sectors. The platform aims to launch various technological products for alternative payment solutions, loyalty programmes, and rewards.

Additionally, the startup offers a range of digital solutions and products aimed at creating a wide network that connects merchants, companies, and individuals by providing solutions that facilitate the management and exchange of loyalty points.

Hatem Kameli, Co-Founder and CEO of Resal, commented: "We have doubled our sales growth recently and have increased the number of beneficiaries of our solutions to more than 1.5 million users and over 1,000 entities and organizations across more than 15 sectors.”

“This investment strengthens our confidence in delivering an ideal experience and launching a number of innovative solutions and products,” Kameli added.

Salah Khashoggi, Chairman of Al Wafrah Investment Company II, said: "The Resal platform is one of the pillars of our vision to create an innovative technological ecosystem that connects individuals and organizations through a large network of partners and financial sectors, providing alternative solutions that help develop the digital ecosystem for alternative payments."