Loyalize, a white label engagement platform that combines payment and loyalty into a single transaction, has raised £250,000 in pre-seed funding as it ramps up platform development and looks ahead towards larger seed round later this year.
The round, which was backed by fund investors SFC Capital, along with top-up contributions from new and existing angels, will allow the company to add members to its development team and build out new platform features that will add further value to its overall proposition, with a strong focus on open banking and payments.
Loyalize was founded in 2019 by David John, with the aim of revolutionising the way payments and loyalty fit together in the retail ecosystem. Whereas previously, customers would have to scan a plastic loyalty card or digital code to earn their added value before paying, Loyalize allows customers to get rewarded on every transaction through connecting their payment card(s), or bank account(s), to an existing loyalty programme.
The closure of this funding round comes at a critical time for UK retail, as the sector looks to re-open after a turbulent year. Loyalize is continuing to innovate its solution through the addition of various payments features and will build towards a larger seed round later this year, capitalising on the momentum of the successful pre-seed.
David commented on the raise: “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.”