Belfast FinTech start-up loyalBe secures six-figure growth investment

Belfast-based FinTech start-up loyalBe has announced that it's secured a six-figure investment to grow the team and develop its promising rewards app.

Many businesses today have their own loyalty card systems, whether it's an electronic system or just a paper card such as those typically found in coffee shops. NI FinTech firm loyalBe aims to replace those paper cards across companies with a single mobile app, which will also function as a data-driven platform to help companies increase customer retention.

The company won last year's inaugural Open Banking Challenge run by techstart NI and Danske Bank, taking home £60,000 and proving that its business offering had merit. They've been working since then in the Catalyst Belfast FinTech Hub to improve the product, and have now managed to secure a six-figure investment to bring it forward.

Founder Cormac Quinn, commented: "We intend to use the funds to build a team to help us execute our plans faster, secure our Financial Conduct Authority licence and to fuel growth. Our product is currently being tested with a handful of local retailers and we are currently looking to expand this trial, with a full public launch to follow later in the year."

David Thompson, Senior Manager, Open Banking at Danske Bank, said "Since pitching his initial concept to us in early 2018, we have seen loyalBe develop into an app that now makes use of open banking, linking to bank account information to make sure users get rewards from the outlets they shop at most often, without having to claim points."

Source: Written based on press release