Rewards app start-up loyalBe secures a six-figure funding boost
A local company behind a rewards app has secured a six-figure seed funding investment.
Fintech start-up loyalBe aims to replace paper loyalty cards with one single mobile app.
Founder Cormac Quinn said the investment from seed capital investment fund techstart NI and a number of private investors will help it further develop the rewards app.
He described loyalBe as a data-driven platform that aims to increase customer retention and drive repeat sales for retailers.
He said: "We intend to use the funds to build a team to help us execute our plans faster, secure our Financial Conduct Authority licence and to fuel growth. Our product is currently being tested with a handful of local retailers and we are currently looking to expand this trial, with a full public launch to follow later in the year."
Ryan McAnlis from techstartNI added: "We have been impressed by his technical and commercial acumen, and believe the timing for a game-changing approach to loyalty and customer retention is upon us with the introduction of Open Banking."
Last year loyalBe won techstart NI and Danske Bank's £60,000 Open Banking Challenge, and for the past year it has been working to refine its product with Danske as a resident of the Catalyst Belfast Fintech Hub.
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