Egyptian cashback marketplaces WaffarX raises multi-million dollar funding round for expansion

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

WaffarX, which was founded in 2018 by Ezz Fayek, Mahmoud Montasser, and Ahmed Kamal, uses cutting-edge technology to distribute cashback rewards, allowing shoppers to save money on every dollar spent.

The startup’s secure channel enables brands to offer cashback rewards to customers, increasing brand loyalty and allowing customers to monetize their own data. WaffarX has grown rapidly, and it now has over 260 merchant partners and over 450,000 members. Following a multi-million dollar round of funding led by Silicon Valley-based venture capital firm Lobby Capital and including previous investor A15, the company plans to expand further.

“We are overjoyed to have completed this latest round of funding.” The backing of a prestigious Silicon Valley firm like Lobby Capital, as well as existing investors A15, is a huge endorsement of WaffarX’s business model and strategy. We have always been industry pioneers, and our solutions benefit both consumers and brands. “This capital raise will help us maintain our market leadership, break new ground in our platform, grow our user base, and expand our geographic presence,” said Ezz Fayek, co-founder and CEO of WaffarX.

Lobby Capital’s general partner, David Hornik, stated that his firm understood 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.