Microtraction, an early stage fund provider, seems to be on the roll. In the past few weeks, it has funded CowryWise, Bitkoin Africa, Wallet.ng and Allpro. It has not stopped there as the early stage fund provider has invested in Nigerian fintech startup, Thank U Cash, which rewards users with instant cash back.
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.
“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 its omnichannel transactions we see the 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 know their transaction history and spending habits.”
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