Egyptian cashback provider Waffar X has successfully closed a multimillion-dollar funding round led by the Silicon Valley venture capital firm Lobby Capital, supported by existing investor, A15.
The funding round is expected to help the pioneer cash-back provider increase its user base, as well as expand its physical presence across the Middle East and North Africa.
Led by Co-Founder and CEO Ezz Fayek, WaffarX is the first cash-back provider in the Middle East and North Africa. It was launched in May 2018 and is presently based in Cairo, Egypt.
The company uses cutting-edge technology to distribute free cash-back and other promotions while shopping online. It also connects its customers with local merchants, particularly those from Egypt and other countries in the Middle East and North Africa.
Remarkably, it has grown exponentially over the years and now boasts more than 260 merchant partners and 450,000 members.
The support from Lobby Capital is a significant boost to Waffar X, especially given the track record that the company has investing in successful cash-back platforms.
Similarly, Lobby Capital had invested in the U.S. firm Ebates, which was successfully sold to the Japanese company Rakuten in a deal regarded as Japan’s largest in e-commerce at the time.
Commenting on the development, Fayek, said: “We have always been pioneers in our industry and our solutions are a win-win for consumers and brands. This capital raise will help us maintain our market leadership, break new ground in our platform, increase our user base and expand our geographic presence.”
