Resal, a Saudi Arabian e-gifting and digital solutions platform, has successfully raised $9 million in its Series A funding round. The round saw participation from Derayah Ventures Fund, Al-Wafrah AlThanya Investment Company, Venture Souq FinTech Fund, ADDiriyah Asset Management, Nomad Holdings, Bugshan Investment Group, several family offices, and angel investors.
Founded in 2016 by Fouad Alfarhan and Hatem Kameli, Resal offers a wide range of digital products and solutions designed to connect merchants, businesses, and individuals. The platform facilitates the management and exchange of loyalty points, prepaid cards, and vouchers from diverse sources, including banks, telecom companies, and airlines, as well as governmental and non-governmental organizations.
The funds from this round will be used to accelerate Resal’s growth within Saudi Arabia. The company plans to expand its operations into new sectors, launch innovative products for alternative payment solutions, and further develop its network of partners and infrastructure across various industries.
Resal’s co-founder and CEO, Hatem Kameli, emphasized that the success of this funding round reflects the investors’ confidence in Resal’s mission and the team’s commitment to building a robust digital ecosystem in line with Saudi Arabia’s Vision 2030. He noted that Resal has recently doubled its sales growth, reaching over 1.5 million users and more than 1,000 entities across 15 sectors. Kameli expressed confidence that this investment would enable the company to deliver an enhanced customer experience and introduce new, innovative products.
Faris Al-Rashed, Chairman of Derayah Ventures, highlighted the team’s dedication and long-term efforts in advancing loyalty programs and fintech in Saudi Arabia and the Gulf region. Salah Khashoggi, Chairman of Al-Wafrah Investment Company II, also praised Resal for creating a technological ecosystem that connects individuals and organizations through a wide network of partners, offering smart and innovative solutions in alternative payments.
Resal’s “Resal for Merchants” platform allows merchants and brand owners to design loyalty programs and digital cards, engage with customers, and boost sales by leveraging Resal’s extensive solutions network. The “Resal for Business” platform offers companies the ability to send digital prepaid cards, points, offers, and discounts as rewards for employees and customers, as well as manage expenses and other financial operations. Additionally, the Resal Wallet app helps individuals accumulate loyalty points from various sources and convert them into value for everyday purchases across Resal’s network of over 1,000 brands.
