PointCheckout raises $600k to let users pay online with their reward points
Summary
This also marks the first time these investors co-invest together in the same startup.Co-founders Bashar Saleh and Tarek Ghobar have been validating PointCheckout with a number of reward programs and online merchants throughout 2018. The best part for members is that PointCheckout works with the existing reward points they have, so no changes or conversions needed , says Tarek Ghobar.The 2017 Loyalty Report reported over US $100 billion worth of reward points go unredeemed worldwide, and this number continues to grow. Both the consumer loyalty and fintech industries are growing rapidly, and we feel the PointCheckout team is well equipped to bring new innovation to the market successfully says Laith Zraikat, Partner at Arzan VC.PointCheckout gives reward programs the advantage of a large redemption network across the MENA without having to handle any integration or change in existing loyalty infrastructure, yet with the added benefit of almost double user engagement. Online merchants benefit from a new customer acquisition channel and gain access to more than 1 million consumers regionally. PointCheckout is already live in Jordan and will be launching in 2019 in the GCC.This investment will be used to grow the sales and operation teams and expand the technology further.