Egyptian cashback marketplaces WaffarX raises multi-million greenback funding spherical

Egyptian cashback market WaffarX has raised an undisclosed however multi-million US greenback funding spherical to assist it enhance its consumer base and broaden its geographic presence.

Based in 2018 by Ezz Fayek, Mahmoud Montasser and Ahmed Kamal, WaffarX makes use of cutting-edge know-how to distribute cashback rewards, serving to consumers save on each greenback they spend. 

The startup’s safe channel helps manufacturers present customers with cashback rewards, creating deeper loyalty for manufacturers, and permitting prospects to monetise their very own knowledge. WaffarX has seen exponential development, and now has over 260 service provider companions and over 450,000 members. Additional development is now deliberate after the corporate closed a multi-million greenback spherical of funding led by Silicon Valley-based enterprise capital agency Foyer Capital, and together with earlier investor A15.

“We’re delighted to have accomplished this newest funding spherical. The help of an esteemed Silicon Valley agency equivalent to Foyer Capital, and current traders A15, are an enormous endorsement of WaffarX’s enterprise mannequin and technique. We now have at all times been pioneers in our trade and our options are a win-win for customers and types. This capital elevate will assist us preserve our market management, break new floor in our platform, enhance our consumer base and broaden our geographic presence,” stated Ezz Fayek, co-founder and chief govt officer (CEO) of WaffarX.

David Hornik, normal accomplice of Foyer Capital, stated his agency knew the ability of the cashback buying mannequin to drive development for retailers, financial savings for customers, and constructive returns for traders. 

“We additionally know the good thing about working with nice founders like Ezz Fayek. We’re very excited that the best enterprise mannequin and proper folks can come collectively for Foyer’s first funding within the area,” he stated.

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