EIB invests €15 million in SME FinTech Izicap

By Gloria Methri

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

The new EIB venture debt investment under the bank’s Innovation and Digitalisation Growth Finance programme will help Izicap to accelerate product innovation, recruit additional staff and expand its presence in European markets. This EIB support will also aid French FinTech in expanding its global and regional partnerships.

Speaking at an event at Web Summit in Lisbon, EIB Vice President, Ricardo Mourinho Félix said, “The EIB is committed to financing companies investing in innovation and digitalisation. The agreement officialised today at Web Summit will help this innovative start-up to provide a Customer Relationship Management and loyalty solution to small companies severely hit during the COVID-19 pandemic, to better serve their customers. Web Summit welcomes tech companies taking innovation 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 transaction 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 giving small merchants the means to prosper. We are delighted to have obtained this financing from the EIB, which will enable us to strengthen our deployment strategy with international banks and acquirers.”