Moroccan Fintech Tookeez Secures $1.5 Million Fund
The funding led by the Azure Innovation Fund will be used for technological development and expansion plans.
Morocco's tookeez, a fintech using blockchain technology to aggregate loyalty programs, has raised $1.5 million from the Azur Innovation Management Fund, a public-private seed capital fund located in Casablanca.
With the recent funding, the business wants to grow into Morocco and the MENA area. Additionally, the money will be used to develop the blockchain technology system's technological infrastructure.
Tookeez lets brands allow customers to utilize their points instantaneously across a large network while maintaining their loyalty program's identity. This firm lets loyalty program users accrue and convert points across a wide partner network, improving the customer experience.
The loyalty market in Africa and the Middle East is projected to reach $6.48 billion by 2024. This market grew 12.1% from 2019 to 2023.This regional market is expected to expand 9.7% between 2024 and 2028, according to the latest Recents and Markets report.
While North Africa has 16 loyalty program startups, WafR and Advantages Enterprises compete with tookeez in Morocco.
Tookeez hopes to attain 4 million active users by 2028 by expanding into other African nations by 2026.
Founded by Hicham Amadi and his two sisters, Wiam Elmejjad and Siham Elmejjad, Tokeez specializes in programs that reward brand loyalty are designed to keep customers or users loyal to a particular brand.
Tookeez gathers loyalty points from many companies and keeps them in a wallet that customers can use to make purchases at a wide range of retailers and brands. Companies that want to let their consumers pay using points they've accrued use Tookeez.
There are up to 16 loyalty program startups in North Africa, but WafR and Advantages Enterprises in Morocco are the main rivals to Tookeez.
