Nigeria: Loyalty company raises $5.3m

ThankUCash – an African loyalty and deals company – has closed a $5.3 million funding round.

VC firms 500 Global and Unicorn Growth Capital co-led the Lagos-based company’s seed round. It saw participation from US-based accelerator Expert Dojo, Predictive VC, SaaS Growth Ventures, Betatron Venture Group and Accelerex Holdings. Individual investors like Andrew Dell, former CEO of HSBC Africa, and Craig Fenton of Google UK also took part.

The company plans to use the investment to expand within its home market Nigeria – where it operates in Lagos, Port Harcourt and Abuja – and outside to Ghana and Kenya. It also wants to improve its product offerings and add more staff.

For years, store-like businesses in Nigeria such as supermarkets and restaurants have operated offline, relying on bookkeeping and head knowledge to record their customers’ activities in their shops. This made it difficult to offer cashback and loyalty points to customers.

ThankUCash present these merchants with an opportunity to delve into rewards and help them retain loyalty and increase revenue.

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