Web Summit 2022: EIB supports Izicap's expansion
- EIB supports Izicap's R&D strategy, targeting innovative growth and market expansion
- The fund raising was announced at Web Summit in Lisbon
NICE, France, Nov. 3, 2022 /PRNewswire/ -- The EIB is investing EUR 15 million into Izicap enabling the SME fintech to develop and market a loyalty software solution for small merchants to boost business growth in Europe.
The new EIB venture debt investment under the bank's Innovation and Digitalisation Growth Finance programme will allow Izicap to accelerate product innovation, recruit additional staff and expand its presence in European markets. This EIB support will also allow the fintech to expand its global and regional partnerships.
Speaking at the signature event at Web Summit in Lisbon, EIB Vice President, Ricardo Mourinho Félix said: "The EIB is committed to financing companies investing in innovation and digitalisation. The agreement officialised today at Web Summit will help this innovative start-up to provide a Customer Relationship Management and loyalty solution to small companies severely hit during the COVID-19 pandemic, in order 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."
Izicap's co-founder and CEO Reda El Meijad said: "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."
Background information:
IZICAP is an innovative CRM and loyalty platform linked to the credit card that transforms 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. IZICAP works closely with leading 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 in order to contribute towards EU policy goals. The European Investment Bank (EIB) issues long-term loans on behalf of the European Union.
Web Summit is an annual technology conference held in Lisbon and considered one of the most important tech events in the world.
Press contacts:
Coralie Michard, c.michard@izicap.com
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