Web Summit 2022: EIB supports Izicap’s expansion into Portugal and international markets
Summary
EU investment will be provided under the Innovation & Digitalisation Growth Finance programme Venture Debt Programme Loan The Finance for boosting international expansion was announced at Web Summit in LisbonThe EIB is investing EUR 15 million into Izicap, enabling the fintech SME to develop and market a loyalty software solution for small merchants operating in local shops, to boost business growth in Europe.The new EIB venture debt investment under the banks Innovation and Digitalisation Growth Finance programme will allow the fintech - Izicap to accelerate product innovation, recruit additional staff and expand its presence in European markets, in particular in France, Portugal and Italy. Web Summit welcomes tech companies taking innovation steps to grow, and Izicaps has the right digital ambitions to become a future leading fintech in Europe.Commenting on the agreement, Izicaps 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. They also reported a 30% increase in sales and 50% improvement in productivity, and a reduction in their cost of debt.An operational team from the EIB is attending Web Summit 2022, to present the banks venture debt product to growth companies at conference in Lisbon.IZICAP is a French innovative CRM and loyalty platform linked to the credit card that transforms local merchants payment terminals into a powerful marketing tool. IZICAP works closely with leading banks and acquirers across Europe to enable over 10,000 merchants to thrive.The EIBs venture debt product is a financing instrument that supports start-up and fast-growing innovative companies in cutting-edge technology sectors. Venture debt transactions help strengthen the borrowers economic capital without diluting the shares of existing investors.Web Summit is an annual technology conference with more than 70 000 attendees held in Lisbon, Portugal.