EIB invests €15 million in SME FinTech Izicap

By Gloria Methri

The European Investment Bank (EIB) is investing €15 million in Izicap, enabling the SME FinTech to develop and market a loyalty software solution for small retailers, thereby boosting business growth in Europe.

The new EIB venture debt investment under the bank’s Innovation and Digitalization Growth Finance program will help Izicap accelerate product innovation, recruit more employees and expand its presence in European markets. This EIB support will also help French FinTech to expand its global and regional partnerships.

Speaking at an event at the Web Summit in Lisbon, EIB Vice President, Ricardo Mourinho Félix said: “The EIB is committed to financing companies that invest in innovation and digitalisation. The deal, made official today at Web Summit, will help this innovative startup provide a Customer Relationship Management and loyalty solution to small businesses hit hard by the COVID-19 pandemic to better serve their customers. Web Summit welcomes technology companies that take innovative steps to grow, and Izicap’s has the right digital ambitions to become a future leading FinTech in Europe.”

Izicap is a CRM and loyalty platform linked to the credit card that transforms local merchants’ payment terminals into a marketing tool. Through its Smart Data platform, Izicap processes transactional data and provides local businesses with unique insights to expand their digital presence, build customer loyalty and drive sales. The company works closely with banks and acquirers across Europe to enable over 10,000 merchants.

Reda El Meijad, Co-founder and CEO, Izicap said: “We are democratizing the use of data from payment terminals and empowering small merchants to flourish. We are delighted to have received this funding from the EIB, which will enable us to strengthen our distribution strategy with international banks and acquirers.”