While the amount of the investment remains undisclosed, the founding partner of Ventures Platform, Kola Aina announced the development via a medium post. According to him, the firm saw the huge but fragmented and significantly unstructured retail economy in African countries, as growing businesses do not have the needed resources or expertise to build robust loyalty programs or data analytics. Ventures Platform saw the loophole as an opportunity and decided to fund Thank U Cash to pioneer a solution.
This is Thank U Cash’s second funding this year, as a Weetracker report disclosed in August that the startup received investment from Nigerian VC Microtraction. The VC firm ordinarily invests USD 65 K in two stages, with an initial amount of about USD 15 K. Crunchbase, a business information platform, estimates that Thank U Cash has raised USD 12 K in funding over three rounds.
Thank U Cash is also part of the second cohort of Google Launchpad Accelerator Africa, which kicked off earlier in August.
The startup was founded this year by Madonna Ononobi, the company’s CEO, CTO Surak Supekar and COO Simeon Ononobi. Thank U Cash enabled consumers to save and earn loyalty points that can then be swapped for cash, and merchants benefit from the extra spend.