Saudi-based Merit secures $28 million in Series B funding to expand its customer incentives platform
Merit Raises $28 Million in Series B Funding for Expansion and Technology Enhancements
In a significant move to fuel its growth and enhance its offerings, Merit Incentives Holding Ltd, a Dubai-based customer rewards and engagement platform, has successfully completed a Series B equity funding round in July 2025.
Founded in 2016 by Julie Barbier-Leblan, Merit has built a network of over 6,000 retail and service partners across more than 100 countries. The company offers businesses various platforms for gifting, rewards, and engagement solutions, including Rewardsby, a SaaS platform for sending rewards, and GiftCardsBy, a platform for creating and selling gift cards.
The funding round was led by Alistithmar Capital and Tech Invest Com, with participation from Endeavor Catalyst, Salica Investments, and Stride Ventures. While the exact funding amount and the investors involved in this specific Series B round were not disclosed, the purpose is clear: to expand Merit’s presence in key markets and advance its technology solutions.
The company plans to use the fresh funds to expand its footprint in markets relevant to gift cards and loyalty programs, which are often retail, hospitality, and consumer services sectors. Merit aims to enhance its technology infrastructure and implement an "Agent as a Service" model utilizing AI tools to support business engagement and loyalty strategies.
By leveraging AI, Merit is driving better personalization, increased customer engagement, and more effective loyalty solutions. This strategic move is expected to optimize and innovate its rewards and loyalty offerings, setting the stage for a more dynamic and personalized customer experience.
In 2023, Merit reported significant growth, increasing its user base by over 80 percent and distributing more than a million rewards in Saudi Arabia alone. This growth trajectory demonstrates the demand for Merit's services and the potential for further expansion.
With this Series B funding, Merit is poised to accelerate its growth, enhance its AI-driven customer rewards and engagement platform capabilities, and expand in key markets for gift cards and loyalty programs. The company's strategic focus on AI implementation and market expansion is a testament to its commitment to delivering innovative and personalized solutions for businesses and their customers.
It is important to note that separate companies named Merit Financial Advisors or Merit Medical do not relate to this specific Series B funding and technology context.
The Series B funding secured by Merit Incentives Holding Ltd will be deployed to enhance its technology solutions in the finance sector, enabling the company to utilize AI tools for better personalization, increased engagement, and more effective loyalty solutions in the business field. This tech-driven advancement is expected to expand Merit's presence in markets related to gift cards and loyalty programs, primarily within retail, hospitality, and consumer services sectors.
