CashBackApp, a customer loyalty startup in Kenya, has raised a pre-seed funding round of $475,000 to enable it to scale its services in the country and expand to nearby countries.
Lofty Inc, Sherpa Ventures, and Loyal VC were institutional investors in the round alongside angel investors that are based in Kenya, Nigeria, UK, and the US.
CashBackApp promotes customer loyalty by collaborating with fast-moving consumer goods (FMCGs) companies and retailers who use the app to recompense customers, through M-pesa, for buying products that they promote on the app.
As part of its collaborative move, CashBackApp has signed up major international FMCGs like CocaCola, Colgate and Ajab as its customers while large multi-chain retailers like Khetias, Eastmatt, Mulleys and Jamaa are part of its retailer network.
Since its inception in 2018, it has attained remarkable progress, with 45,000 app downloads and a growing user base with a compound rate of 38 percent in the first half of the year.
CashBackApp is an app that gives users earning power whenever they shop on the app. Users can get up to 40% cashback while shopping.
CashBackApp partners with major consumer goods companies that give discounts with the hopes of selling more while users save money. The platform plans to reach more than one million shoppers by December 2021.
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