ThankUCash, a Nigerian company, has received $5.3 million to construct infrastructure for cashback, discounts, and BNPL services.
- ByStartupStory | January 11, 2022
In most African marketplaces, loyalty, offers, and rewards programmes are uncommon. Unit economics, as well as other considerations such as currency volatility, make such ventures difficult to execute in the region.
Despite this, ThankUCash, a platform created by Connected Analytics in 2018, has thrived, demonstrating that not all is doom and gloom in the deals, coupon, and rewards industry. To that end, the business, which last year revealed an undisclosed seven-figure seed, has now closed the round at $5.3 million.
The money will be used to expand within Nigeria, where the company has offices in Lagos, Port Harcourt, and Abuja, as well as into Ghana and Kenya. It also intends to expand its product line and hire additional people.
Simeon Ononobi the CEO started ThankUcash with Suraj Supekar, chief technology officer, Madonna Ononobi, chief operating officer and Harshal Gandole, the senior vice president.
After attracting the attention of accelerators such as 500 Startups, Google Launchpad, and other local investors such as Microtraction and Ventures Platform, the company raised a $320,000 pre-seed round.
ThankUCash claims to have over 600,000 users and 1,000 stores on its network thus far. It also claims to have handled more than $80 million in transactions.
After growing as a company, Ononobi and his team want to embark on a more difficult task: creating infrastructure for businesses who wish to provide similar services.
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