Blockchain-based B2B rewards marketplace qiibee on Tuesday (July 5) said it raised $4.8 million in a seed funding round that it will use for the growth of its global team and expansion into new markets, including North America, according to a company press release.
Z5 Capital led qiibee’s funding round, with participation by digital advertising group Meet The People; Ben Davey, former CEO of Barclays Venture; Mainardo de Nardis, former executive vice-chairman of Omnicom Media Group and CEO of OMD Worldwide; and Phil Rubin, founder of Grey Space Matters and rDialogue; as well as existing investors R/GA Ventures.
“In creating qiibee, we set out with the mission to unlock the purchasing power of the global rewards economy by making all rewards exchangeable through our blockchain-based B2B rewards marketplace,” said qiibee CEO and co-founder Gabriele Giancola in the company press release.
“Allowing our clients to easily scale and expand their partnerwork by giving instant access to world-renowned brands, thousands of rewards, crypto and NFTs, and connecting loyalty programs with millions of new members, that’s exactly what we are doing. Our goal is not just to facilitate the market; we want to lead this market to new heights,” Giancola said.
The first connection of different loyalty programs through qiibee’s platform launched last year, when Swiss luxury watch maker Louis Erard allowed their members to exchange their own loyalty currency, Louis Erard Points, to miles from Etihad Guest and 9 different cryptocurrencies.
Related: B2B Payments Firm Paystand Unveils Crypto Card
In March, Paystand launched what it called the “first business expense card with native crypto rewards” in the form of the DeFi Corporate Card. It offers instant provisioning of virtual and physical cards, advanced spend controls, real-time expense reporting and bitcoin rewards, letting businesses earn bitcoin rewards with each purchase.
Businesses that pay with the DeFi Cards using Paystand’s commercial payment network can avoid paying transaction fees. The cards also offer real-time tracking of transactions by class and category, and spending controls that include spending limits, merchant category codes and auto-lock dates to help teams stay within budget.