Egyptian cashback marketplace WaffarX has raised an undisclosed but multi-million US dollar funding round to help it increase its user base and expand its geographic presence.

Founded in 2018 by Ezz Fayek, Mahmoud Montasser and Ahmed Kamal, WaffarX uses cutting-edge technology to distribute cashback rewards, helping shoppers save on every dollar they spend.

The startup’s secure channel helps brands provide consumers with cashback rewards, creating deeper loyalty for brands, and allowing customers to monetise their own data. WaffarX has seen exponential growth, and now has over 260 merchant partners and over 450,000 members. Further growth is now planned after the company closed a multi-million dollar round of funding led by Silicon Valley-based venture capital firm Lobby Capital, and including previous investor A15.

“We’re delighted to have completed this latest funding round. The support of an esteemed Silicon Valley firm such as Lobby Capital, and existing investors A15, are a huge endorsement of WaffarX’s business model and strategy. 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,” said Ezz Fayek, co-founder and chief executive officer (CEO) of WaffarX.

David Hornik, general partner of Lobby Capital, said his firm knew the power of the cashback shopping model to drive growth for merchants, savings for consumers, and positive returns for investors.

“We also know the benefit of working with great founders like Ezz Fayek. We are very excited that the right business model and right people can come together for Lobby’s first investment in the region,” he said.