Izicap, a startup that enables SMEs to develop and market a loyalty software solution for small merchants to boost business growth in Europe, has received €15M from European Investment Bank (EIB) at a Web Summit 2022 in Lisbon.
The new EIB venture debt investment under the bank’s Innovation and Digitalisation Growth Finance programme will allow the French company to accelerate product innovation, hire additional staff and expand its presence in European markets.
Further, the finance will allow the fintech to expand its global and regional partnerships. EIB previously invested in Poland based biopharmaceutical company Ryvu Therapeutics and Finland-based quatum computing company IQM.
Izicap’s co-founder and CEO Reda El Meijad, says, “we are democratizing the use of data from payment terminals and giving small merchants the means to prosper. We are delighted to have obtained this financing from the EIB, which will enable us to strengthen our deployment strategy with international banks and acquirers.”
Building loyalty and sales
Founded by Miguel Mateus and Reda El Mejjad, Izicap is an innovative CRM and loyalty platform linked to credit cards that transform local merchants’ payment terminals into a powerful marketing tool.
Through its Smart Data platform, Izicap processes billions of transaction data and provides local businesses with unique insights to expand their digital presence, build customer loyalty and drive sales.
Currently, the company works with banks and acquirers across Europe to enable over 10,000 merchants to thrive.
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investments to contribute towards EU policy goals.
Speaking at the signature event at Web Summit in Lisbon, EIB Vice President Ricardo Mourinho Félix says, “The EIB is committed to financing companies investing in innovation and digitalisation. The agreement officialised today at Web Summit will help this innovative startup to provide a Customer Relationship Management and loyalty solution to small companies severely hit during the COVID-19 pandemic to better serve their customers. Web Summit welcomes tech companies taking innovation steps to grow, and Izicap’s has the right digital ambitions to become a future leading fintech in Europe.”