Leal Raises $10M in Series A Funding

Funding in Series A of $10M was raised by Leal, a Bogota, Colombia-based fintech firm, called.

Rakuten Group led the round, as did IDC Ventures. In conjunction with the funding, Amit Patel, CEO of Rakuten Americas and Rakuten Rewards, will join Leal’s Board of Directors.

The company intends to use the funds to launch its co-branded credit card and scale its operation in Mexico, invest in technology development over the next year, and position its digital wallet value proposition as an ecosystem that offers additional services beyond cashback.

Camilo Martinez (CEO) and Florence Frech (COO), lead Leal, which offers cashback and rewards products to help consumers in LatAm save money and earn money back on every day purchases. The company introduced a new feature that allows grocery shoppers to scan their receipts and earn Leal Coins. These coins can be used to purchase thousands of goods and services such as gas, top-ups for cell phones, food, or groceries at Rappi. In 2022, Leal will expand its rewards program, digital wallet, payment ecosystem, user base, merchant network and Leal Coins throughout Mexico, Colombia and Central America.


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