Merit Incentives
ActiveAPI-driven gift cards, loyalty & employee rewards platform
Merit Incentives is a Dubai-based engagement-technology company offering digital gift cards, employee recognition, and customer loyalty solutions via an API-driven SaaS platform. It connects businesses to a global catalogue of thousands of brands across 150+ countries and operates across the UAE, Saudi Arabia, Kuwait, Egypt, and Jordan. It raised a $28M Series B in February 2025.
Founders
Funding Rounds
Lead: Alistithmar Capital (i-Cap) and Tech Invest Com (co-lead)
Investors: Alistithmar Capital (i-Cap, Saudi Investment Bank), Tech Invest Com, Stride Ventures, Hambro Perks Oryx Fund
Investors: Capital Investment, Stride Ventures, Tech Invest Com, Oryx Fund.
Lead: Alistithmar Capital (i-Cap)
Investors: Alistithmar Capital (i-Cap, Saudi Investment Bank), Tech Invest Com, Hambro Perks Oryx Fund
Company calls it a 'pre-Series B' (recorded as bridge). Oversubscribed against a $5M target; first investment from SAIB's Venture Studio. Tracxn mislabels it as a second 'Series A'. Also: https://www.wamda.com/en/2024/05/merit-closes-12-million-pre-series-b-round https://waya.media/merit-secures-usd12-million-in-pre-series-b-round/ Confidence: confirmed (round 13, MENAbytes).
Lead: Impact46
Investors: Impact46, Tech Invest Com, Arzan VC, Hambro Perks Oryx Fund, Regional angel investors
First institutional round, five years after founding (2016); no seed or angel round was ever announced and none appears on Tracxn. Company was Dubai-headquartered at the time. Also: https://www.arabnews.com/node/1964351/amp https://gulfbusiness.com/en/2021/dubai/dubai-headquartered-merit-incentives-secures-5m-series-a-funding/ https://mystartupworld.com/merit-incentives-raises-5-million-in-its-series-a-funding-round/ Confidence: confirmed (round 13, Wamda).
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