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CashBackApp Joins Inaugural Cohort of Bezi Fellowship
Congratulations to our member CashBackApp has been accepted in the inaugural Bezi fellowship, a community of founders building the next generation of world class tech companies in Africa
Bezi Fellowship is a 5-week program to help founders to develop their strategies for growth, product, thesis redefining, and fundraising.
From workshops to a community, Bezi Fellowship gives startups all the resources they need to be successful.
CashBackApp is a Kenyan customer loyalty company that is based at Nairobi Garage // Westlands.
Founded in 2018, CashBackApp helps fast-moving consumer goods (FMCG) companies to build loyalty amongst customers by allowing them to earn cashback via M-Pesa on their everyday shopping. It began operations in 2019.
The startup partners with FMCG companies and retailers, who use the app to reward shoppers with cashback for buying products that they promote on the app.
Also Read // CashBackApp raises $475k pre-seed funding round for expansion
It has achieved significant traction, with the user base growing at a monthly compounded rate of 38 per cent in the first half of 2021 to reach 45,000 downloads.
On the B2B side, the mobile app has signed up major international FMCGs as customers, including CocaCola, Colgate and Ajab, while the retailer network consists of eight large multi-chain retailers including Khetias, Eastmatt, Mulleys and Jamaa.
In 2021, Cashback Mobile App raised a US$475,000 pre-seed funding round to help scale its service in Kenya and prepare for expansion to neighbouring countries.
Institutional investors that invested in the round include Lofty Inc, Sherpa Ventures and Loyal VC, while the round also had participation from several angel investors based in the US, UK, Nigeria and Kenya.
CashBackApp now plans to reach more than one million shoppers by December 2022.
Apart from helping consumers save money, CashBackApp also helps FMCGs understand their markets and customers better through quality data and actionable insights.
This is in line with our investment thesis of backing world‐class teams of local Africans who are leveraging innovation to solve significant problems.
By December 2021, CashBackApp hopes to have reached over one million users.
The company is currently powering the loyalty rewards program of Zimbabwean fintech business EcoCash, among others
