ThankUCash raises $5.3m seed for BNPL and launch remittance service
Nigeria’s main multi-merchant rewards platform ThankUCash is happy to announce that it raised $5.3m in seed funding. The seed spherical was co-led by 500 International and Unicorn Progress Capital with participation from Skilled Dojo, Predictive VC, SaaS development Ventures, Betatron Hong kong, Accelerex Holding, Andrew Dell (former CEO of HSBC Africa), Craig Fenton (Director, Technique & Operations At Google), Brandon Drew, Kevin Alvarez-Fung amongst others.
Co-founded in 2018 by Simeon Ononobi (CEO), Suraj Supekar (CTO), Madonna Ononobi (COO), and Harshal Gandole (Senior VP, Engr.), ThankUCash provides cashback on purchases and offers from 1000’s of retailers which in flip helps retailers retain buyer loyalty, improve income and develop.
ThankUCash which operates in Nigeria’s 3 main cities – Lagos, Abuja, and Port-Harcourt, plans to make use of the funds to scale operations to different cities throughout the nation and broaden to Ghana and Kenya.
Main the East African enlargement is the extremely skilled Aaron Tindiseega. He’s vastly skilled in constructing tech startups throughout rising markets with an enviable working historical past within the African banking and tech trade. Aaron labored because the Nation Supervisor of Uber in Uganda till final yr, he’s additionally labored at Commonplace Chartered Financial institution and Stanbic IBTC. For the Ghana enlargement, Kiki Anku will lead the cost, having labored at Apple and possessing a wealth of expertise within the startup world.
In line with ThankUCash CEO Simeon Ononobi, the funds may even be used to introduce two new merchandise. “We’re increasing our merchandise to remittances in all our markets and a ‘Purchase Now Pay Later’ infrastructure to energy the trade.”
ThankUCash will present the tech infrastructure which can join retailers with credit score/mortgage services such that clients will pay straight for items and companies by means of the ThankUCash tremendous App, with loans from credit score services.
“The expertise is such that we have now our machines in shops. In order clients request loans, we generate a code for it, clients enter it into the POS machine and the service provider will get credited straight. The code can solely be used within the retailer chosen and just for the mortgage quantity requested, such that on the finish of the day the client is shopping for straight from the retailers. We’re opening this infrastructure to everyone and need to truly give that platform to mortgage firms,” he defined.
Amit Bhatti, Principal at 500 International, had phrases in regards to the funding. “Since going by means of 500 International’s accelerator in 2019, we’ve been impressed by Simeon and the TUC workforce’s progress in implementing a rewards system that works for Nigerian customers, no matter money or credit score or on-line or offline fee. It’s a win-win for companies and banks too, as TUC provides them the instruments and knowledge they should develop. Now as partnerships have expanded their attain to many extra potential customers and new markets throughout Africa, we’re excited to assist the continued evolution of the corporate.”
Talking on ThankUCash’s signature money again product, Ononobi revealed that the suggestions from retailers who’re excited in regards to the product and the way it has helped them retain clients has inspired the workforce to provide you with extra merchandise for enlargement. “Trivets Grocery store in Lekki is one in all such retailers. Enyo is one other and one in all our largest as they even put our emblem on their vans, and had been very enthusiastic about what we did for his or her enterprise. The suggestions has inspired us to do extra.
So we have now signed a partnership with Interswitch to onboard all their retailers and enhance our numbers. Wema Financial institution and about seven different nationwide and multinational financial institution partnerships are additionally within the pipeline,” he added.
With a workers power of about 45 workers and somewhat over two years of operations, ThankUCash has recorded over 600,000 customers and onboarded over 1,000 shops on its platform while processing $80 million-plus in transaction quantity.
The final word imaginative and prescient for ThankUCash is to create sustainable options for SMEs/retailers to succeed whereas rising buyer shopping for energy.
“The imaginative and prescient for us at ThankUCash isn’t just for our retailers to be completely satisfied as a result of they’re staying in enterprise and being profitable. We additionally need to make spending enjoyable, as a result of with us there’s at all times a chance for you. It ranges from the ‘cashback’ product the place you get extra clients, to ‘offers’ the place you get to unload your merchandise shortly or ‘purchase now pay later the place you get to promote your merchandise whether or not or not the purchasers have cash, and even ‘remittances’ the place you’ll be able to promote your self to the diaspora.
“On the finish of the day, the concept for us is to be sure that all our merchandise are geared in the direction of the survival of the retailers and to redistribute wealth in the direction of Africans,” Ononobi stated.