San Francisco-headquartered Loyyal, the blockchain innovator developing a worldwide loyalty network, announced in a press release CoinReport received the end of its Series A capital round.
The round was led by Integrated Networks (iNet), with other investors including Day One Investments, Hayaat Group, UAE Exchange and other international investors. Hayaat Group, an initial investor, also led the Loyyal Series Seed capital raise.
According to the release, the capital will be used to finish development of the company’s platform and accelerate its go to market strategy with long-term strategic advisor and first client, Deloitte; strategic partnerships with value-added resellers, Quidam and IBM; and strategic alliance with Capgemini.
At a basic level, blockchain is a protocol for the storage and transfer of value. It is also useful for dealing with challenges encompassing coalition programs and granular data collection and targeting for program operators. Loyyal’s offering allows for numerous powerful capabilities for the industry to drive higher profitability while providing the customer with such features as real-time value transfer, programmable rewards, security of records, improved liability management options and dynamic interoperability and scalability.
As top program operators undergo a digital business transformation, with changing consumer requirements, expectations and bigger competition, Loyyal aspires to offer them a global platform that allows for improved program effectiveness and the capability to deliver customized, dynamic rewards to their customers to increase program ROI.
“Blockchain might represent technology that has potential to give rise to the second era of ‘internet’ revolution,” Safwan Zaheer, director and Head of Fintech, KPMG US and on Loyyal’s Board of Advisors, recently stated.
“It [Loyyal] removes friction around delay, cost, and poor integration with other payment instruments, enabling financial institutions, brands, and retailers to create new experiences for its customers.”
Abdullah Altamami, investments director from Integrated Networks (iNet), stated, “Loyalty programs are an integral part of any large-scale telecom, banking networks, and retailers. With Loyyal’s success thus far, and Blockchain’s ability to target and customize rewards, redemption can be dramatically increased, and value amplified for the end user, making programs much more effective commercially and financially.”
He added, “As is the case with all of our investments, and more so with Loyyal, iNet intends to be an active shareholder, driving potential deals and partnerships throughout our network in KSA and GCC to empower this expansion.”
Loyyal co-founder and CEO Greg Simon commented, “This new capital, our third round of fundraising, will allow us to complete production of our live platform into a fully scalable and robust blockchain-based loyalty solution to meet increasing enterprise demand worldwide. These new strategic investors including iNet, UAE Exchange and Day One Investments will help us expand into new regions and industries. It is important to Loyyal to secure both US and International investment that supports our strategy to be the first truly global and universal platform in the loyalty and rewards industry, the Internet of Loyalty.”
He added, “Our strategic investors not only provide us with the capability to make our platform scalable and solidify our go to market strategy, but also open up markets and provide enterprise clients that will increase revenue and accelerate adoption.”
According to the release we received, instrumental in the closing of this Series A round was Naseba, a universal company that supports firms entering new markets, raising capital and securing enterprise partners.
Image via a previous press release