MAF buys digital wallet start-up Beam
The acquisition grants Majid Al Futtaim ownership of Beam’s IP rights, branding, and e-wallet services across the region
Majid Al Futtaim, the Dubai-based retail and hospitality holding company, has bought Beam Portal, a mobile wallet provider, it said yesterday.
The acquisition grants Majid Al Futtaim ownership of Beam’s IP rights, branding, and e-wallet services across the region, the company said in a statement. Majid Al Futtaim has also invested in Beam previously. In 2014, the company took an equity stake in the digital wallet for an undisclosed sum.
Analysts told Gulf News that the move appeared to largely be a play for Beam’s loyalty and rewards scheme.
“The integration of Beam within our businesses is a landmark moment that will enable us to better serve our customers and gain a better understanding of their preferences through multiple touchpoints,” said Joe Abi Akl, Majid Al Futtaim’s acting chief corporate development officer.
With a network of more than 2,000 stores, Beam will roll out more broadly across Majid Al Futtaim businesses in the coming months, Gulf News understands.
“We look forward to harnessing the power of Beam’s technology to help us replicate our physical prominence in the digital world,” Abi Akl added.
Fashion, home retail
Beam recently launched in Majid Al Futtaim fashion and home retail stores in the UAE. The retailer says that the platform will enable Majid Al Futtaim to offer “various innovative solutions” to its customers.
Less than a month ago, the company took part in a $30 million funding round in grocery delivery service Wadi. As part of the agreement, Carrefour will become Wadi Grocery’s long term strategic partner for supplying food and non-food groceries.
In June 2017, Majid Al Futtaim launched a new service with start-up Fetchr that allows customers to drop off their shopping bags at the mall, and have them delivered to a destination of their choosing.
Earlier that year, Fetchr raised $41 million (Dh151 million) in funding from a number of investors, including Majid Al Futtaim, who made up a sizeable chunk of the money, according to Fetchr chief executive Idriss Al Rifai.
Majid Al Futtaim has been working on its loyalty offering for some time, launching its MyCLUB rewards card for Carrefour six years ago.
From now until January 1, 2019, new Beam customers paying for the first time through the app will receive 30 per cent cash back in their Beam wallet, the company said in its statement. The promotion applies to Majid Al Futtaim owned locations, including its fashion and home stores, Carrefour, VOX Cinemas, Ski Dubai, and Magic Planet.
“Beam is a cornerstone for our strategy to offer our customers a unique and unforgettable experience tailored to their wants and anticipating their needs through an even better understanding of their desires,” Abi Akl said.
In its financial statement for the first half of 2018, Majid Al Futtaim said that it was “continuing to make strategic investments to support its business growth, as well as actively assessing potential investment opportunities with a focus on digital capabilities, technology and ecommerce.”