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    Nigeria’s ThankUCash secures $5.3M to build infrastructure for cashback, deals and BNPL services – TechCrunch

    Loyalty, trading and reward services are rare in most African markets. Other factors, such as unit economics and currency instability, make it difficult for such businesses to succeed in the region...

    not yet, ThankU Cash, Platform launched in 2018 Connected Analytics, Successful, proved that not all transactions, coupons, and rewards businesses are in the dark.. And to that end, the startup, which announced an undisclosed seven-digit seed last year, finally closed the round at $ 5.3 million...

    Venture Capital 500 Global and Unicorn Growth Capital jointly lead seed rounds for Lagos-based companies.. Participation was seen from US-based accelerators Expert Dojo, Predictive VC, SaaS Growth Ventures, Betatron Venture Group, and Accelerex Holdings. Individual investors such as former HSBC CEO Andrew Dell and Google UK’s Craig Fenton also participated.

    The company plans to use this investment to expand its business within the domestic market of Nigeria (which operates in Lagos, Port Harcourt and Abuja) and outside Ghana and Kenya. We also want to improve our product offerings and add staff.

    For years, businesses like Nigerian stores such as supermarkets and restaurants have been operating offline, relying on bookkeeping and brain knowledge to record customer store activities.This made it difficult to offer cashback and loyalty points to customers...

    Online platforms like ThankUCash provide these merchants with the opportunity to delve into rewards, maintain loyalty and increase revenue.

    CEO Simeon Ononobi ThankUCash was launched with Chief Technology Officer, Chief Operating Officer and Senior Vice President of Engineering, Suraj Supekar, Madonna Ononobi and Harshal Gandole. Each..

    With the multi-merchant reward platform (that is, customers can hop from one merchant to another to earn different merchant points), they will always be rewarded for shopping with the thousands of merchants listed in the app. You can get it.

    The business raised $ 320,000 in pre-seed after grabbing Attention to the accelerator 500 Startups, Google Launchpad, other local investors and more Micro traction When Ventures platform..

    By this point, ThankUCash states that it has recorded over 600,000 users and has onboarded over 1,000 stores on the platform... It also claims to have processed more than $ 80 million in transactions.

    Ononobi and his team want to take on more complex tasks after they have matured as a business. It’s about building an infrastructure for companies that want to provide similar services.

    “We are creating solutions that help small businesses succeed while increasing consumer purchasing power and opportunities. I want to build an infrastructure for rewards, loyalty, transactions, buy now, pay later, and cash back, “he told TechCrunch over the phone...

    “Cashback was our hanging fruit and entrance. Anything that helps your business grow, such as transactions, coupons, gift cards, buy now, pay later, etc., is bought by consumers at the same time. I will be able to increase the opportunities for. “

    Ononobi, a serial entrepreneur who previously founded a payments company and also provided apps for Nigerian banks and governments, believes that ThankU Cash will offer the same rewards that Flutterwave and Paystack did for payments in Africa. I am.

    Some companies, such as banks, have in the past launched cashback programs for users via debit cards... However, most of them are generally inefficient, from setup to point collection and redemption, and Ononobi argues that those inefficiencies result in lack of technical support. .. ThankUCash is looking at gold mines to provide plugins that banks and fintechs can use to provide cashback and rewards..

    Co-founder of ThankU Cash

    A little about buying now, paying later is ambiguous from now on Only a handful of prominent BNPL services In Africa. butAs a result of consumer behavior caused by the pandemic, the company has seen an imminent surge in such services, supported by similar events worldwide where services to buy now and pay later are widespread. It seems that he is positioning himself towards it.

    “This technology is like having our machine in a store. So when a customer requests a loan, the code is generated, and when the customer enters it into the point-of-sale machine, the merchant is credited. Directly..The code is Used At the store of choice, we ensure that customers buy directly from the merchant at the end of the day only for the requested loan amount, “explained the founder. In the future itself.

    ThankU Cash’s consumer platform will continue to work. However, in order to start revitalizing the infrastructure, we partnered with payment company Interswitch and turned merchants onboard.

    But a company In the process He said there are several banking partnerships in the pipeline as he integrates with the payment gateway.

    In terms of how ThankUCash makes money, the merchant pays the company everything. purchase Made in their store. For example, ThankUCash receives a 1.5% commission for every customer who brings it to the store to redeem a 5% cashback item. The Lagos-based company will also charge “high onboarding fees” to companies that want to use the API for their services, such as taking transaction fees and buying now.

    ThankUCash has completed one service. It’s a cashback product that allows merchants to win more customers.The transaction category has been improved to allow sellers to sell their products faster. (By hiring Former Manager of DealDey, Nigeria’s abolished trading company). And now, while building a post-purchase infrastructure (giving companies the opportunity to sell their products regardless of whether the customer has money), ThankU Cash will soon add a fourth product. Is a money transfer product that merchants can sell Directly To the diaspora.

    The Chief Executive Officer has not provided details on this the meantimeThat investor, who doubled while familiar with such information, Enthusiastic “Continuous evolution of the company” by Amit Bhatti, Principal of Co-Principal Investor 500 Global.

    “Since passing the 500 Global accelerator in 2019, be moved The Simeon and ThankU Cash team have shown progress in implementing a reward system that works for Nigerian consumers, regardless of cash, credit, online or offline payments, “said the principal. “TUC provides the tools and data they need to grow, so it benefits both businesses and banks.”

    A team of 45 hired Aaron Tindiseega to lead the expansion into Kenya and the East African region... Ugandan professionals have experience working in banks and technology companies such as Uber, Standard Chartered Bank and Stanbic IBTC... Kiki Anku, who has worked for Apple and several start-ups, will take the lead in expanding into Ghana.

    Nigeria’s ThankUCash secures $5.3M to build infrastructure for cashback, deals and BNPL services – TechCrunch Source link Nigeria’s ThankUCash secures $5.3M to build infrastructure for cashback, deals and BNPL services – TechCrunch

    The post Nigeria’s ThankUCash secures $5.3M to build infrastructure for cashback, deals and BNPL services – TechCrunch appeared first on California News Times.

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