NEW YORK, NY, Feb 26, 2016 – Ribbit.me, a NY-based blockchain technology startup, announced that it closed a $1.5 million seed round, led by Hayaat Group, an investment company based in Dubai, with Privity FZ LLE acting as advisor.
Ribbit.me has built the world’s first universal platform for the loyalty and rewards industry using blockchain and smart contract technology. Currently, program operators such as airlines or hotels, are faced with high operational costs and outdated processes, resulting in a poor customer experience.
Ribbit.me’s universal platform coupled with its patent-pending technology enables program operators to reduce costs by sharing a distributed ledger, thus streamlining the customer experience while more effectively managing the rewards liability.
The US loyalty and rewards market alone is $65B this year and expected to double in the next 5 years. Ribbit.me’s vision is to remove the friction preventing program operators from working together in redemption networks by creating a single ecosystem, the LoyaltyNetwork.
“We are the first company to introduce blockchain and smart contract technology to the loyalty and rewards industry,” said Greg Simon, CEO and Co-Founder of Ribbit.me. “This funding will allow us to accelerate development by expanding our team as more behavior incentification opportunities arise beyond the traditional model.”
Ribbit.me is reinventing how loyalty is created and rewarded. The technology allows program operators to establish multi-agent redemption networks, effectively manage program liabilities, and offer dynamic issuance/redemption options. For more information visit www.ribbit.me.
About Hayaat Group
Three decades in the Middle East and Europe has cemented Hayaat Group’s reputation as one of the premier investment companies in the region. Please visit www.hayaatgroup.com.
About Privity FZ LLE
Founded in 2004, Privity FZ LLE is an independent Dubai-based advisory firm that seeks entrepreneurs with interesting and unique ideas and helps them develop and grow. For more information, please visit www.privitylle.com.
Co-Founder & COO
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NOTE: This is a press release, any product / service mentioned is not endorsed by The Merkle.