Saudi digital gifting company Resal announced that it has acquired Boonus, a local fintech startup specialized in providing digital loyalty and rewards solutions and programs. The move is part of Resal’s plans to expand its services and provide the best solutions and programs for companies and individuals.
Hatem Kameli, co-founder and CEO of Resal, said: “The acquisition of Boonus is a strategic step within the plans to enhance our business in the region and develop the technical infrastructure for the digital gifts and rewards sector, as modern loyalty programs are one of the main pillars in this sector. As we are working to complete the end-to-end digital gift cards and rewards solution, I believe Boonus’ acquisition will help us to reach our goals.”
Abdul Rahman Jami, co-founder and CEO of Boonus, welcomed the acquisition, saying: “The deal opens wide horizons for Boonus to expand its business in the region based on the expertise of Resal and its customer base that has witnessed record growth numbers in a short period and is spread across more than one country in the region.”
Resal was founded as a gifting e-commerce platform by Kameli and Fouad Alfarhan in 2016. The founders raised two rounds of funding in the past and are now working with more than 400 retailers including Jarir, Amazon, Noon, and the Landmark Group in four markets (Saudi Arabia, the UAE, Bahrain and Kuwait).
Resal, in addition to selling to individuals, also offers gifting solutions for corporate clients, such as Glee — a corporate rewards SaaS solution, as well as APIs for retailers, marketplaces and loyalty companies. The web and mobile-based e-commerce platform also sells digital gift cards for different digital and telecom brands including Careem, Amazon, Noon, Spotify, iTunes, STC, Mobily, Zain and others.
Boonus was founded in July 2020 by entrepreneurs Jami and Yahya Batash. It is a Saudi digital company specialized in providing solutions and programs for loyalty and digital rewards in an innovative way that facilitates retailers, restaurants, cafes, entertainment outlets and gift centers to have their own loyalty solutions. Boonus provides its services to more than 40 companies and has over 8,000 customers in the Kingdom.