A startup called Izicap benefits small business owners by creating a software solution to reward customers for repeat purchases. They received $15 million from the European Investment Bank, or EIB, at the Web Summit 2022 in Lisbon.
The French company can expand its presence in European markets with funding from the EIB’s Innovation and Digitalisation Growth Finance program. Additionally, this initiative gives them more staff and product development time to create new ideas.
Additionally, the funding will enable the fintech to expand its global and regional partnerships. EIB has previously invested in Polish biopharmaceutical company Ryvu Therapeutics and Finnish quantum computing company IQM.
Reda El Meijad, co-founder and CEO of Izicap, said: “We are democratizing the use of payment terminal data and enabling small merchants to thrive. We are delighted to have received this financing from the European Investment Bank, which allows us to Ability to strengthen delivery strategies with international banks and buyers.”
Building Loyalty And Sales
Izicap is a CRM and loyalty platform founded by Miguel Mateus and Reda El Mejjad. It’s an innovative platform integrated with credit cards that turns merchants’ payment terminals into a powerful marketing tool.
Izicap leverages their Smart Data platform to process billions of data points each month. This allows them to create unique insights for local businesses that help them increase their digital presence, build customer loyalty and drive sales.
The company maintains working relationships with banks and acquirers across Europe to support over 10,000 merchants with operations.
The European Investment Bank, also called the EIB, is a lending institution owned by the European Union’s member states that provides long-term finance. It makes possible sound investments that support the EU’s goals.
The EIB — Europe’s bank — supports businesses investing in innovation and digitalization. This was stated by EIB Vice President Ricardo Mourinho Felix at the Lisbon event’s signature event. A deal made with a startup at Web Summit was formalized, which will help it create a Customer Relationship Management and loyalty solution for small companies experiencing significant financial losses from COVID-19. This company is in line to become one of Europe’s leading fintechs.