Enigmatic Smile buys Fidel API’s loyalty business
Financial infrastructure platform Fidel API has sold its loyalty business to Enigmatic Smile (ES), a London-headquartered customer rewards technology provider, for an undisclosed sum.
Fidel API sells off its loyalty business
The sale includes all assets associated with Fidel’s loyalty business, including its customer base, partnerships, staff, technology platform, and the Fidel brand.
Founded in 2014, ES offers loyalty programme managers and their clients a reward programme infrastructure. It currently claims to be integrated with over 20 financial enterprises worldwide, including industry heavyweights such as Visa and Fiserv.
Announcing the deal on LinkedIn, ES says its flagship offering Single.id, a cross-reward-programme-identifier solution, will be integrated into Fidel’s tech stack, which it claims will result in “more offers for connected reward programmes, whilst killing double dipping once and for all”.
Bish Smeir, founder and CEO of ES, states that with the new purchase, the firm now oversees 86 reward programmes globally.
Additionally, ES has appointed Carolina Paradas and Kevin Akerman to its leadership team. Moving forward, they will lead Fidel’s loyalty business.
Established in 2018 and based in the UK, Fidel API, recently rebranded as Astrada, provides a platform that allows developers to craft customisable experiences for card payments, such as digital receipts, omni-channel attribution, expense management, and personal finance management.
Explaining the rationale for the sale, Dev Subrata, Fidel’s founder and chairman, says that it “made sense to spin-out the part of the platform that powers loyalty programmes” to “focus on the opportunity we see in spend management and additional financial use cases”.
