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Nairobi-based tech startup, CashBackApp has secured $475K in a pre-seed funding round led by Lofty Inc, Sherpa Ventures and Loyal VC with participation from several angel investors from the US, UK, Nigeria and Kenya.
CashBackApp has secured $475k in pre-seed funding
The pre-seed funding secured will be used to help scale the tech startup across the region and into other African countries. In addition, the funding will supplement the optimisation of the tech platform by improving user experience, adding additional features or products and increasing channels.
Simon Githinji Ngigi, CEO and founder of CashBackApp provides insight into the goals planned for the tech startup.
“The app plans to reach 1M+ shoppers by December 2022 and to help them save up to 15% of their shopping budget. Longer-term growth plans include offering the solution in the informal market, expand the use case from grocery shopping to other forms of shopping, and expanding into other high potential geographies.”
Launched in 2019 and based in the capital of Kenya, CashBackApp is an online platform that aims to help its users save on their shopping costs by rewarding them with cash back rewards via m-pesa.
The cashback rewards are provided on the basis of purchasing specific items that are promoted on the app from Supermarkets in the region.
The innovative tech startup has partnered with Fast Moving Consumer Goods (FMCG) companies to allow for the discounted savings on certain items and to facilitate more financial savings and inclusions through the purchasing of supermarket-based items. Some of the FMCGs that the tech startup has partnered with includes Coca-Cola, Colgate, Ajab and several others.
With the incentive of both savings and cashback, the platform aims to make a concerted difference in savings for its users.
Although the app had a soft launch in 2019, the full rollout took place in 2020, making it the new-kid-on-the-block in the Kenyan tech startup ecosystem.
According to reports from the startup, CashBackApp claims to have grown in traction achieving 38% growth in users in the first half of this year with 45K downloads.
Featured image: CashBackApp founders (Supplied)