Moroccan Fintech Startup tookeez Raises $1.5 Million for Technical Advancement

In a recent development in the financial technology sector, Moroccan startup tookeez has secured an impressive $1.5 million in funding aimed at bolstering its technical capabilities. Spearheaded by Hicham Amadi alongside sisters Wiam and Siham Elmejjad, tookeez is poised to revolutionize loyalty point systems, effectively addressing the inherent challenges associated with their conversion and utilization within the loyalty program landscape.

Loyalty programs, while a staple in incentivizing customer retention, often fall short due to sluggish point accumulation and cumbersome redemption processes. Recognising this pain point, tookeez has introduced an innovative solution. The platform aggregates loyalty points from various brands, storing them securely in a digital wallet accessible to users. This seamless integration enables consumers to transact across an extensive network of participating stores and brands, effectively eliminating the hurdles traditionally associated with point conversion and redemption.

Moreover, tookeez facilitates interoperability between different loyalty programmes, allowing users to effortlessly convert their points across a diverse array of partners. This interoperability not only enhances user flexibility but also encourages broader engagement with loyalty initiatives.

While the North African market boasts a burgeoning landscape of loyalty programme startups, the Moroccan arena sees stiff competition from contenders like WafR and Advantages Enterprises. However, tookeez stands out with its innovative approach and strategic partnerships.

Notably, Azur, a key player in the sector, has expressed pride in collaborating with tookeez, recognising the startup’s pivotal role in reshaping the customer loyalty ecosystem. Adnane Filali, President of Azur Innovation Fund, emphasised the significance of supporting visionary entrepreneurs like those behind tookeez, aligning with their commitment to fostering impactful innovation.

The financial landscape in Africa and the Middle East is witnessing remarkable growth, with the loyalty market projected to reach $6.48 billion by 2024. A steady compound annual growth rate (CAGR) of 12.1% from 2019 to 2023 underscores the region’s burgeoning potential, with expectations of continued expansion at a CAGR of 9.7% between 2024 and 2028.

As tookeez secures substantial backing for its technical advancement, it is poised to further disrupt the fintech space, offering a transformative solution to streamline loyalty programmes and enhance the user experience across the region.