Belfast fintech firm in fresh funding round for new bank-linked loyalty platform
BELFAST-based fintech company LoyalBe has announced £725,000 of fresh investment in a funding round led by Techstart Ventures.
The firm said the cash injection, backed by Invest NI's Co-Fund programme and other angel investors, will be used to expand into the Irish market with the firm's bank-linked loyalty solution.
The LoyalBe platform is promoted as a replacement to older forms of loyalty schemes, using a mobile app, which offers increased opportunities for customer engagement.
The app uses new bank-linking technology, allowing customers to automatically earn rewards simply by paying with their debit card.
Company founder Cormac Quinn said it removes the need for any point of sale integrations or equipment in-store, allowing for a rapid and straightforward set-up.
He said it offers independent businesses the opportunity to offer loyalty schemes, helping them compete with multi-nationals.
“We intend to use the funds to build partnerships and upscale our marketing efforts within Ireland,” said the chief executive.
“We have recently partnered with Visa to expand into the Irish market and this investment will allow us to accelerate our rollout of the app to local businesses.
“It is extremely important to rally behind local businesses. With LoyalBe, we are encouraging customers to shop local and invest in the local economy. Our app helps businesses to create and engage with more loyal customers to drive repeat sales and we're delighted to be supporting many local businesses already.”