Nigerian fintech startup Thank U Cash, which rewards users with instant cash back, has secured its latest tranche of funding, this time from early-stage fund Ventures Platform.
Founded by Madonna and Simeon Ononobi, the latter also the founder of SimplePay, alongside Suraj Supekar, Thank U Cash is a multi-merchant rewards platform with analytics for merchant growth.
The startup – which is part of the second Google Launchpad Africa programme – has developed a platform that enables merchants to offer cash back 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.
Having announced it had received funding from early-stage investment platform Microtraction in August, Thank U Cash has now received further backing from Ventures Platform, another early-stage fund. Ventures Platform, which recently partnered the US-Nigeria Council to launch the Corporate Leaders Fund, has invested in a host of Nigerian startups, including Kangpe, Kudi.ai, Mobile Forms, PayConnect, Paystack, Proteach, Wesabi, Accounteer, Gerocare, ThriveAgric, Printivo Wifi.com.ng, and, most recently, MDaaS.
“Madonna, Simeon, and Suraj bring a combined 60 years of experience in technology, product, and marketing. They are repeat entrepreneurs, and have worked together on two projects prior to Thank U Cash. We are proud to partner with them as they help small businesses across the continent become more productive,” said Kola Aina, founding partner of Ventures Platform.
You can read Disrupt Africa’s interview with Kola Aina, part of our “Meet the Investor” series, here.