ThankUCash, which was co-founded in 2018 by Simeon Ononobi, Suraj Supekar, Madonna Ononobi, and Harshal Gandole, offers cashback on purchases and discounts from thousands of merchants, allowing merchants to keep customer loyalty, improve sales, and grow.
The firm has over 600,000 users on its network and has onboarded over 1,000 stores, handling over $80 million in transaction volume.
With participation from Expert Dojo, Predictive VC, SaaS Growth Ventures, Betatron, Accelerex Holding, former HSBC CEO Andrew Dell, Google director of strategy and operations Craig Fenton, and others, the US$5.3 million seed round was co-led by 500 Global (ThankUCash participated in the 26th edition of the Silicon Valley-based accelerator back in 2020) and Unicorn Growth Capital.
ThankUCash currently works in Lagos, Abuja, and Port Harcourt, with intentions to expand to other cities across Nigeria and into Ghana and Kenya with the monies raised. It will also launch two new products: a remittance service and a BNPL infrastructure (buy now, pay later).
Customers can pay directly for goods and services through the ThankUCash super app, with loans from credit facilities, thanks to the startup’s software infrastructure, which will connect merchants with credit and loan facilities.
“Technology has advanced to the point where we can sell our machines in stores.” Customers request loans, and we produce a code for them, which they enter into the PoS machine, and the merchant is promptly credited.
The code can only be used in the store chosen and for the loan amount requested, ensuring that the consumer is buying directly from the merchants at the end of the day. The startup’s CEO, Simeon Ononobi, stated,
“We’re extending this infrastructure to everyone and want to truly give that platform to loan firms.”
ThankUCash’s growth while participating in 500 Global’s accelerator has impressed Amit Bhatti, principal at 500 Global, who stated the startup has built a rewards system that works for Nigerian consumers regardless of cash, credit, or online or offline payment.
“It’s a win-win situation for both businesses and banks, as ThankUCash provides them with the tools and data they require to expand.” We’re thrilled to support the company’s continued expansion now that its collaborations have broadened their access to many more prospective users and new markets across Africa,” he said.
ThankUCash’s interoperable loyalty rewards and merchant platform, according to Barbara Iyayi, managing founding partner at Unicorn Growth Capital, is “an vital aspect of the future of fintech” as customers make more digital transactions.
ThankUCash is well-positioned to revolutionize the financial infrastructure for merchants and customers, enabling new potential for the digital economy, as a category leader with a big installed base, she said.