Leal Raises $10M in Series A Funding
Summary
The round was led by Rakuten Group and IDC Ventures. The company intends to use the funds to launch its co-branded credit card and scale its operation in Mexico, invest in technology development over the next year, and position its digital wallet value proposition as an ecosystem that offers additional services beyond cashback. Led by Camilo Martinez, CEO, and Florence Frech, COO, Leal provides cashback and rewards products that allow consumers in LatAm to save by earning money back on everyday purchases. In 2021, the company launched new functionality that lets grocery shoppers scan paper receipts and earn Leal Coins that can be redeemed for thousands of goods and services, including gas, cell phone top-ups and food or grocery deliveries at Rappi. In 2022, Leal will expand its rewards program, digital wallet, payment ecosystem, user base, merchant network and Leal Coins throughout Mexico, Colombia and Central America.