While much of the fintech spotlight remains on payments, lending, and digital banking, we believe the next wave of meaningful disruption will come from how brands understand and retain customers. That’s why we’ve just invested SAR 30 million in Related, a UAE-based leader in loyalty and rewards technology. And that’s why this deal matters far beyond the numbers.

This investment reflects our conviction in loyalty tech as the next frontier of fintech, and a clear example of how Equivator approaches growth capital with long-term, strategic intent.
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‍What We Look for When We Invest?

Equivator was founded with a simple thesis: Venture capital should do more than fund companies. It should shape the future. When we evaluate a company, we don’t just ask if the product works. We ask:

• Does it address a fundamental gap or unmet need in the market?
• Can it scale within and beyond Saudi Arabia?
  
• Does it align with macro forces like Vision 2030, digitization, and regional integration?
  
• Can our capital do more than fuel growth, can it help shaping the ecosystem?
  

✅ And Related checked every one of those boxes. ‍

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‍Loyalty Tech: A Sleeping Giant in Fintech

Loyalty and engagement solutions have traditionally been viewed as marketing utilities, used to retain customers, increase spending, or incentivize brand behavior. But that’s an outdated view.

At Equivator, we see loyalty as a foundational layer of the modern digital economy, one that touches data, payments, behavioral science, and trust. In the right hands, loyalty becomes:

• A data engine that drives customer intelligence
• A payments layer that enhances user convenience
• A tool for embedded finance, gamification, and behavioral design
• A bridge between enterprises and everyday consumers, across sectors.

Related is one of the few companies in the region that has demonstrated the ability to build and scale loyalty infrastructure at this level. With over 30 million users across telecom, finance, retail, utilities, and government, and a decade of operational maturity, Related is not just a provider. It’s a category-definer.‍

From Uplines to Related: Building a Regional Champion

We originally backed Uplines, a homegrown Saudi super app focused on referral-based loyalty and digital wallets. With Related acquiring Uplines in full, we’ve now brought two puzzle pieces together:

1. Related’s proven B2B infrastructure.
2. Uplines’ B2C agility and user-focused design.

Together, they form a powerful engine, capable of building new products for both enterprises and consumers. Think gamified rewards. AI personalization. Blockchain-enabled points. Seamless digital payments. All under one roof.‍‍

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‍Beyond Capital: What Equivator Actually Brings to the Table?

Our investment in Related was guided by a shared vision and complementary strengths. It’s not about capital injection; it’s about co-creating value. Here’s how Equivator is contributing:

• Strategic Scaling: We’re supporting Related’s growth strategy in Saudi Arabia, both commercially and institutionally, and enabling expansion into new markets like Europe,
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• Ecosystem Connectivity: We’re opening doors to decision-makers, policy networks, and potential corporate partners across the MENA region,
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• Operational Enablement: Through our portfolio synergies and research platforms, we’re helping Related access the insights it needs to build product-market fit across verticals,
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• Policy Leadership: Together, we are establishing the Related Loyalty & Fintech Authority, a regional knowledge and standards platform that will help define best practices in loyalty tech, embedded finance, and digital engagement.

We believe this is a blueprint for how venture capital can create leverage: not just funding growth, but shaping entire categories.‍

Want to Build What’s Next?

If you're building something ambitious in fintech, SaaS, or digital infrastructure, especially if it aligns with regional transformation, let’s talk.