Egyptian financial technology startup Zeal has secured $10 million in new funding to expand its payment and point-of-sale technology across the Middle East, Europe and Africa.
Founded in 2019 by Omar Ebeid and Belal Mohamed, Zeal develops payment solutions that help physical retailers recognise customers and analyse transaction activity through the point of sale.
The new funding will support the company’s entry into new markets and expand access to its technology among physical retailers. Zeal said the capital will be used to expand its technology solutions and accelerate its geographic growth.
The company has not disclosed the funding stage, participating investors or other details of the transaction. It has also not provided a specific timeline for its international expansion.
Making In-Store Payments More Valuable
Zeal’s main product is its SmartPOS Plugin, which adds customer engagement capabilities to the payment process without requiring retailers to replace their existing point-of-sale infrastructure.
The system allows merchants to identify customers when they make in-store payments. They can then use available transaction data to classify shoppers and reconnect with relevant customer groups after a purchase.
This addresses a gap faced by many physical retailers. Online businesses can track browsing activity, purchases and repeat visits. Traditional stores often have much less information about customers once a transaction is completed.
Zeal’s technology is designed to give retailers greater visibility into customer activity and help them build stronger relationships with shoppers. It also allows businesses to use payment activity as a source of customer insight rather than treating each transaction as a standalone purchase.
Building Through Payment Partnerships
Zeal has developed relationships with established companies in the payments sector, including Ingenico and Network International. These partnerships can help integrate its technology into existing payment systems and expand its reach among merchants.
The startup has also received recognition through the Visa Everywhere Initiative, a global innovation programme supporting fintech companies working on payment and commerce solutions.
The latest investment will support Zeal’s plans to expand across three major regions. Each market will bring different payment systems, merchant requirements and consumer behaviours, requiring the company to adapt its technology and approach.
Its ability to work with existing point-of-sale infrastructure could make adoption more practical for retailers seeking customer engagement tools without having to introduce a separate system into the checkout process.
Zeal has not yet identified the countries it will prioritise or explained how the $10 million will be divided between product development, hiring and market entry.
