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Kenyan customer loyalty startup, CashBackApp has secured $475,000 in a pre-seed round funding to scale its services in Kenya and expand into neighbouring countries. Participants in the pre-seed round financing include institutional investors: Lofty Inc, Sherpa Ventures and Loyal VC and several angel investors based in the US, UK, Nigeria and Kenya. The startup currently boasts 45,000 downloads in the first half of 2021, with a monthly compounded rate of 38% growth.
For retailers, CashBackApp is used to provide more value for their customers at no value to the retailers. It also enables FMCGs to deploy offers fast in a cost-effective way to drive sales through mobile channels largely unexplored so far by the companies, while also providing data and customer insights and up to 50 per cent savings in promotion, communication, and marketing costs.
For the shoppers, they gain access to a rich basket of offers from multiple FMCGs running in multiple stores and get the value as actual cash in one central app. This extra cash earned in form of M-Pesa goes directly back into shoppers’ pockets making a significant difference, particularly for shoppers with a tight budget.
CashBackApp was launched in 2019 to enable customers to earn real cash back on their shopping. Customers can get up to 40% cashback. It is a win-win for both customers and major consumer goods companies, as CashBack provides these discounts to enable the companies to sell more and the consumers to save money. CashBackApp collaborates with notable FMCGs such as Cleanshelf, Cocacola, Colgate and AJab. The startup also has a prominent merchant network of multi-chain retailers including Khetias, Eastmatt, Mulleys, and Jamaa.
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