Open Loyalty, a European startup created inside eCommerce company Divante, announced the acquisition of a 2,3€ million of R&D investment for further development of their fintech solution. 1,3€ million of the funding comes from the National Center for Research and Development - a prestigious Polish institution that rewards the most innovative projects in Poland, providing them with R&D subsidies. The rest of the funding will come from Divante’s internal funds.
Since its founding in 2018, Open Loyalty has been working on its loyalty technology, making their API-first platform one of the most efficient for both marketers and developers.
The solution is used by companies from various industries across the globe such as ALDO, Warba Bank or Prudential. Thanks to the modularity of the platform brands can combine various loyalty mechanics to implement loyalty programs of any shape much faster and without losing business agility.
Building a true bond between brands and customers is all about personalized engagement, a smooth shopping experience and providing real value. That’s why we’ve decided to combine payment and loyalty mechanics together and create the loyalty payment card solution. We want to give the brands the tools to engage people more than the regular loyalty program does.
Karol Bzik, CPO, co-founder of Open Loyalty
Open Loyalty was always close to the payment process at its core - especially with loyalty mechanics based on discounts, vouchers and cashback. Now the company makes a bold move into the fintech space.
We believe that in the near future almost every company will introduce some sort of financial services. Mobile payment applications, deferred payments, microcredits or internal cryptocurrencies are becoming a market standard. The R&D grant will accelerate our development of loyalty payment card technology using blockchain and machine learning. As a result, Open Loyalty customers will receive a solution that will let them introduce their own currency, payment method and a loyalty program supported by artificial intelligence. This will move the loyalty and payment to a whole new level.
Cezary Olejarczyk, CEO, co-founder of Open Loyalty