Kenya’s CashBackApp Raises USD 475 K pre-Seed Funding Round

CashBackApp, a Kenyan customer loyalty startup, has raised a USD 475 K pre-seed fundraising round to help scale its service in Kenya and prepare for expansion into neighboring countries. Institutional investors in the round included Lofty Inc, Sherpa Ventures, and Loyal VC, with several angel investors based in the US, UK, Nigeria, and Kenya also participating.

CashBackApp is a mobile app that enables fast-moving consumer goods (FMCG) companies to build customer loyalty by allowing them to earn cashback via M-Pesa on their ordinary purchases. The startup collaborates with FMCG companies and merchants, who utilize the app to offer cashback to customers who purchase products they promote.