Fidel API, a financial infrastructure platform, has divested its loyalty business to Enigmatic Smile (ES), a customer rewards technology provider headquartered in London. The transaction, whose financial details remain undisclosed, encompasses all assets associated with Fidel’s loyalty business, including its customer base, partnerships, staff, technology platform, and brand.
Founded in 2014, ES specializes in offering loyalty program infrastructure to managers and clients worldwide. With integrations with over 20 financial enterprises, including industry leaders like Visa and Fiserv, ES aims to enhance connected reward programs through its flagship offering, Single.id, a cross-reward-program-identifier solution.
Bish Smeir, founder and CEO of ES, expressed enthusiasm about the acquisition, highlighting that ES now oversees 86 reward programs globally. Additionally, ES has appointed Carolina Paradas and Kevin Akerman to its leadership team to spearhead Fidel’s loyalty business.
Fidel API, recently rebranded as Astrada, was established in 2018 in the UK. It provides a platform that enables developers to create customizable experiences for card payments, ranging from digital receipts to expense management.
Explaining the decision to sell the loyalty business, Dev Subrata, Fidel’s founder and chairman, emphasized the company’s strategic focus on opportunities in spend management and additional financial use cases.
Source: fintechfutures.com
