meed to Bring Digital Loyalty Programme to Bangladesh with Digibox

Digital loyalty platform meed is set to enter Bangladesh in partnership with local technology company Digibox, bringing a loyalty programme for small businesses that operates through Apple Wallet and Google Wallet without requiring customers to download a separate app.

The company currently serves independent cafes, salons, gyms and retailers in markets including Hong Kong, Bangkok and the wider Southeast Asian region. Bangladesh will be the first market where meed plans to concentrate its efforts rather than treat the country as one of several expansion destinations.

meed said Bangladesh’s large and increasingly connected population provides a strong foundation for digital loyalty services. The company cited a population of 178 million, a median age of 27.3 and mobile-phone ownership in 98.9% of households.

More than 191 million mobile financial service accounts are active in Bangladesh, while smartphone ownership has increased from 63.3% to 72.4% in less than three years, according to figures cited in meed’s market assessment.

The company also pointed to changes in Bangladesh’s startup ecosystem, including a 0% turnover tax for startups, startup lending capped at 4% and a dedicated startup fund of around $41 million. Cumulative startup funding in Bangladesh has exceeded $1 billion through 478 rounds involving 372 active investors, while two Bangladeshi companies have achieved unicorn valuations, it said.

“Bangladesh has 178 million people and 98.9% of households already own a mobile phone, so the behaviour a loyalty card depends on is there before we arrive,” said Phil Ingram, Founder & CEO of meed.

“meed has proven the problem it fixes is global and that operators will pay to fix it. What the company has never done is concentrate on one market long enough for the network effects to show, and Bangladesh is large enough on its own mass to be where that gets tested,” he said.

The partnership emerged through Accelerating Asia Ventures’ Cohort 13, where Ingram worked with the Digibox founders and other Bangladeshi entrepreneurs.

Under the arrangement, meed will provide the technology and product, while Digibox will handle localisation and work to reach merchants across Bangladesh.

Digibox co-founders Rezwanul Haque Jami and Morshedul Alam Chaklader also signed Simple Agreements for Future Equity (SAFEs) following the Accelerating Asia demo day, taking an investment position in meed itself rather than solely in its Bangladesh operation.

“Digibox is putting its own capital into meed itself, not only into the local business, because the product already works for small businesses in other markets,” said Rezwanul Haque Jami, co-founder of Digibox.

“Localization and getting a product in front of merchants here is the part Digibox brings, and that work is worth doing on something we own a piece of,” he added.

meed’s Free plan supports up to 50 members and includes core features such as nearby notifications. Its Pro plan adds customised notifications and analytics covering member, location and campaign performance.

meed and Digibox have already started signing up their first businesses in Bangladesh. However, the companies have not yet disclosed local pricing or which categories of businesses will receive priority during the initial rollout.