Ribbit.me, a NY-based blockchain technology startup, announced on Thursday it has successfully raised $1.5 million during a seed funding round which was led by Hayaat Group, an investment company based in Dubai, with Privity FZ LLE acting as advisor.
Ribbit.me has reportedly built what’s considered 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 Currently, program operators such as airlines or hotels, are faced with high operational costs and outdated processes, resulting in a poor customer experience.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 notably is 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.
“We are the first company to introduce blockchain and smart contract technology to the loyalty and rewards industry. This funding will allow us to accelerate development by expanding our team as more behavior incentification opportunities arise beyond the traditional model.”