Nigerian rewards startup Thank U Cash raises Microtraction funding

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Nigerian fintech startup Thank U Cash, which rewards users with instant cash back, has secured funding from early-stage investment fund Microtraction.

Founded by Madonna and Simeon Ononobi, the latter also the founder of SimplePay, Thank U Cash is a multi-merchant rewards platform with analytics for merchant growth.

The startup’s platform enables merchants to offer cash back as rewards to encourage loyalty from customers. Customers can pay with cash or card, offline or online, and receive cash back and save as much as 50 per cent each time they spend.

It has now secured an undisclosed amount of funding from early-stage investment platform Microtraction, which invests up to US$65,000 in startups at the very earliest stage of their development. The fund has recently backed a host of Nigerian fintech startups, namely CowryWise, Bitkoin Africa, Wallet.ng and Allpro.

“In the future we see Thank U Cash evolving as a platform or extending its APIs and collaborating with other developers and companies. As a result of data from it’s omni-channel transactions we see potential for value-added-services to be built on Thank U Cash,” said Microtraction founder and managing partner Yele Bademosi.

“They could work with partners to offer invoice financing to merchants. They could also use customer transaction data to develop personalised credit solutions in the future because they they know their transaction history and spending habits.”

You can read Disrupt Africa’s full interview with Bademosi as part of our Meet the Investor series here.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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