Founded in 2016, Leal enables merchants to create a customer database and offer cashback and rewards to loyal shoppers. The company has built integrations with 160 different point-of-sale systems and works with over 1,000 brands across 15 industries in eight countries. Despite losing 85% of its merchants due to the pandemic, Leal has bounced back and now has over 6 million users, with 3.5 million active users joining in the last 12 months.
Key takeaways:
- Leal, a retail tech company based in Bogota, Colombia, has raised $5 million in a round described as a “pre-Series B.” The round was co-led by LEAP Global Partners and Rakuten Capital, with participation from Morro Ventures and Salkantay Ventures.
- The company has built integrations with 160 different point-of-sale systems and works with business-to-consumer brands, e-commerce sites, and financial institutions across Latin America to enable merchants to create a customer database and offer cashback and rewards products to loyal shoppers.
- Leal has more than 6 million users, up from 1.5 million in 2020, and works with over 1,000 brands across 15 industries and in eight countries, including Subway, Verifone, and Chevron.
- With the new investment, Leal plans to reach $10 million in annual recurring revenue, focus on additional penetration in Mexico, omnichannel communications, and a set of tools that includes smarter data collection and interactions, and automation of benefits to maximize conversions. It also plans to improve its artificial intelligence models for further personalization of app rewards and benefits.