InQ2 2025, Equivator closed a SAR 30million (~USD 8 million) investment in Related, a MarTech and FintechLoyalty platform redefining how businesses engage customers across the MENA region. The investment was part of our growing fintech infrastructure thesis and represents a strategic move toward embedding value at the intersection of payments, rewards, and consumer data.
The transaction underscores our commitment to identifying category-defining platforms that align with Saudi Arabia’sVision 2030, particularly in digital transformation, financial inclusion ,and enterprise enablement.
“This wasn’t an investment in a points engine. This was about infrastructure, an invisible layer driving how value moves between consumers, brands, and platforms”
At Equivator, we didn’t view this as a typical loyalty investment. What we saw inRelated was a glimpse into the next generation of customer engagement, where embedded experiences, data-driven commerce, and value capture at scale converge.
As the region moves rapidly toward a digital-first, customer-centric economy, we believe infrastructure enablers won’t just support this shift, they’ll define it. Related’s modular, API-first platform empowers brands to build smarter loyalty programs that respond to real-time behavior, integrate seamlessly across channels, and drive measurable impact. That’s the kind of architecture we invest in.
“We backed Related because they are not following market shifts; they’re building the infrastructure that enables them. That’s exactly the kind of partner we look for”
We’ve been closely tracking the loyalty space in Saudi Arabia, and the momentum is undeniable. The market has grown at a 17.2% CAGR between 2020 and 2024 and isprojected to reach $842.5 million in 2025. Looking ahead, it’s expected to maintain strong growth at 13% annually, hitting $1.37 billion by 2029. That kind of trajectory signals both maturity and untapped potential, exactly thekind of environment we seek as investors.
The loyalty market in Saudi Arabia has entered a period of rapid transformation, shifting from simple, transactional models to dynamic, tech-enabled ecosystems.Traditionally, many programs focused on generic discounts, manual redemption processes, and limited digital interfaces, especially in sectors outside telecom and aviation. But today, the landscape is being reshaped by five keyTrends:
Entering and succeeding in Saudi Arabia’s loyalty market comes with structural and regulatory hurdles. New players must navigate a tightly regulated environment demands high levels of transparency, customer data protection, and compliance, raising both financial and operational barriers, particularly for smaller or early-stage companies.
In parallel, the market is already competitive and saturated in key sectors like retail, e-commerce, and fintech, where well-established brands dominate consumer trust. Differentiation is increasingly difficult, especially as customer expectations continue to evolve toward real-time engagement, cross-sector value, and hyper-personalization.
What stood out to us is that Related addresses these challenges head-on by offering a proven, scalable, and regulation-compliant loyalty infrastructure. Its platform supports:
● Plug-and-play modules that reduce time-to-market and integration complexity.
● Advanced data and AI capabilities that drive personalized, compliant customer engagement.
● Enterprise-grade architecture ready to support fintech, retail, and coalition programs.
Loyalty programs used to be simple add-ons. Today, they are essential tools that help businesses grow and compete. Related offers a platform that helps companies build customized loyalty and rewards programs that are deeply connected to how customers shop, pay, and engage.
Related’s platform works across many sectors, like retail, telecom, banking, and more, without needing to rebuild the system each time. That’s because it’s designed in a modular, plug-and-play way.
Some of its key features include:
This flexibility means Related can grow quickly while keeping costs and complexity under control.
What makes Related stand out for us is that it offers both technology and services. This means they don’t just sell software, they help clients design and manage their programs from start to finish.
This hybrid model creates high client dependency, reduces churn, and offers recurring revenue stability, all key value drivers for Equivator.
As part of our broader strategy to scale high-impact investments in fintech and customer engagement, we entered into a strategic partnership with Related Group. Building on our earlier involvement in the B2C loyalty space through Uplines, our latest move reflects a shift toward platform consolidation, deeper infrastructure, and long-term scalability.
The investment aims to accelerate innovation, expand market reach, and position the company for regional and global leadership in the fintech-loyalty domain.
Equivator announced a strategic investment of SAR 30 million in Related Group, a UAE-headquartered leader in loyalty and rewards solutions. The investment reflects Equivator’s long-term strategy to strengthen its fintech-loyalty portfolio by backing infrastructure-first platforms with scalable market potential.
The deal builds on Equivator’s earlier investment in the B2C loyalty space through Uplines. As part of this transaction, Related Group acquired Uplines in full, integrating it into its broader strategic framework. This consolidation enables Related to reshape its consumer offering under a new vision, one that aims to redefine the intersection of fintech and loyalty in Saudi Arabia.
The capital infusion will support Related’s multi-faceted growth strategy by:
With Equivator’s strategic guidance and global network, Related is also preparing to expand into European and international markets, while strengthening its presence in the Kingdom through strategic merchant partnerships and anchor enterprise clients.
Our conviction in fintech as the foundational layer across sectors has only strengthened. We will continue to back platforms that embed financial services into everyday customer touchpoints, whether through digital wallets, data-driven rewards, or interoperable payment ecosystems. This includes infrastructure players that serve as the rails for broader innovation.
We no longer view loyalty as a marketing function; it’s becoming a revenue engine. The convergence of loyalty with fintech is powering new monetization models, from embedded rewards in payment flows to personalized offers driven by real-time data. Our future investments will target this fusion: solutions that transform engagement into economic value.
We’re committed to supporting Saudi-born tech that’s ready to scale beyond borders. This investment reinforced our belief that local platforms, when built right, can lead regional digitization and compete globally. We’ll continue to back founders building exportable IP and contributing to the Kingdom’s Vision 2030 ambitions.
The value of active, post-investment engagement is clear. From governance to talent strategy to market expansion, we’ve seen how embedded support can accelerate scale and resilience. Going forward, Equivator will deepen its operating model, becoming not just a capital partner but a long-term strategic ally.