UAE Rewards Platform Merit Incentives Raises $28m Series B for Global Expansion

UAE-based rewards and loyalty platform Merit Incentives has raised $28 million in a Series B funding round, capital it will use to fuel global expansion. The round drew investment from Capital Investment, Stride Ventures, Tech Invest Com and the Oryx Fund.

Founded in 2016 by Julie Leblan and Thrishan Padayachi, Merit Incentives offers digital gift cards, employee-engagement tools and customer-loyalty solutions. The company operates across the UAE, Saudi Arabia, Kuwait, Egypt and Jordan, and says its network spans more than 5,000 brands in over 100 countries, serving in excess of 20 million users.

The Series B follows a $5 million Series A in 2021 and a pre-Series B round in 2024, reflecting steady investor appetite for loyalty and incentive infrastructure as regional employers and merchants digitise rewards programs. Merit has also been active on the M&A front, adding capabilities through acquisitions as it broadens its product suite.

Digital gifting and loyalty have become a fast-growing niche in the Gulf, driven by employee-benefits demand, consumer promotions and the shift away from physical vouchers. Merit's pitch centres on a single platform that lets businesses distribute rewards and manage engagement across markets and currencies.

With the new funding, the company said it would deepen its brand network and expand into new geographies, building on a base concentrated in the Middle East and North Africa.