The mother company of ThankU Cash Nigeria, Connected Analytics, has secured an undisclosed seven (7) figure pre-series A investment led by Betatron Venture Group (Hong Kong) and saw participation from Accelerex Holdings, San Francisco’s Predictive VC, 500 Startups, among others.
Connected Analytics will use the fund to bring in more quality team members as well as build on their technology to effectively carry out the latest strategic partnerships.
Simeon Ononobi is the CEO and co-founder of the startup founded in 2018. Connected Analytics is a multi-merchant rewards platform with a different approach to how businesses draw customers closer and retain brand loyalty. Other team members include Madonna Ononobi – COO, Suraj Supekar – CTO, and Harshal Gandole – Senior VP of Tech.
As the only African startup to join the 26th batch of the US based accelerator, 500 Startups, they were able to raise $150,000 .
Through, ThankU Cash Nigeria, Connected Analytics has developed a reward system that studies customer’s spending patterns, their value preference and retention. The data is used to help clients earn, save more deals, and grow their businesses.
For Simeon Ononobi, most businesses didn’t seem to have records of what they were selling and how they were selling it, so found it difficult retaining valuable customers. They also realized there wasn’t loyalty for companies as customers only bought what they needed and won’t return.
As you’ll have it, they quickly discovered that customers rather want to be appreciated and always wanted companies they do business with also have their backs especially in hard times.
It is for this reason the CEO said,
“We’ve created an API from the ThankU Cash product, even banks use it today to reward customers and get them to enjoy discounts, rewards, across multiple merchants. Imagine earning rewards from your barbering saloon, your closest restaurants, your supermarket and being able to use your rewards at any of these businesses. It becomes more valuable for you. You’re one customer but you have ten businesses that you patronise because they are all rewarding you.’
He explains that investors took interest in their business because not many startups are doing what they are doing in Africa and couple with little competition.
In just two years, ThankU Cash Nigeria has grown its user base to 238,000 and has so far processed more than $40m worth of transactions.
Apart from ThankU Cash Nigeria, Connected Analytics which is headquartered in San Francisco, California, USA, has products like Connected Analytics for Banks, Connected Analytics for Merchants, TUC Gift Options and Mad Deals. Find out more here.
ImaliPay: Nairobi Fintech Startup Raises Pre-Seed Funding Led By TEN13
ImaliPay, a fintech startup helping African freelancers reach their financial goals has raised an undisclosed amount in pre-seed funding from the Australian venture capitalist, TEN13, reputed for investing in top-tier start-ups.
According to ImaliPay, the primary aim of this newly raised funding is to expand and accelerate their growth and footprint in Nigeria, South Africa and Kenya to be a one-stop-shop for gig workers’ financial needs on the continent.
The backing of ImaliPay by TEN13 is on the back of recent chain of events that has elevated the visibility of Africa’s fintech startup scene.
Commenting on the deal, Managing Partner of TEN13, Stew Glenn, said,
ImaliPay in 2020 was co-founded by Zimbabwe’s Tatenda Furusa and Sanmi Akinmusire a Nigerian, who were former colleagues at the leading payments company Cellulant. The fintech company thinks the investment from the venture capital has significant benefits.
In a statement released to the press, Tatenda Furusa said,
It’s a great opportunity for investors to participate in the fintech revolution and a fast-growing segment. Our vision at ImaliPay is to advance financial health and inclusion for gig workers who struggle to manage and access flexible financial services that are often only available to traditional SMEs.
The growth in the African gig workforce is being pushed by the growth in digitization and smartphone penetration. Gig workers constitute a significant proportion of the economy within ImaliPay’s target markets and this market segment is expected to grow rapidly over the next decade.
ImaliPay offers gig workers a one-stop-shop of financial services such as the ability to seamlessly save their income and receive in-kind loans through a “buy now, pay later” model tied to their trade.
Bolt drivers in Kenya can now request a fuel loan and payback after 3-4 days, this allows them to get more work done and Safeboda riders in Nigeria can now buy on credit bike parts, fuel, and smartphones to keep their gig moving and reduce any downtime.
Other products to be offered off the platform include insurance and investment options to foster a safety net for this hard-working but vulnerable part of the population.
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