Multi-million-dollar funding secured by Egyptian cashback marketplace WaffarX

WaffarX, an Egyptian cashback marketplace, has acquired an undisclosed but multi-million-dollar fundraising round to help it grow its user base and geographic reach.

WaffarX, founded in 2018 by Ezz Fayek, Mahmoud Montasser, and Ahmed Kamal, distributes cashback benefits using cutting-edge technology, allowing customers to save money on every dollar they spend.

The startup’s secure channel enables businesses to offer customers cashback benefits, increasing brand loyalty and allowing customers to profit from their own data. WaffarX has grown at a breakneck pace, with over 260 merchant partners and over 450,000 members. Following a multi-million-dollar round of fundraising headed by Silicon Valley-based venture capital firm Lobby Capital and included prior investor A15, the company now plans to expand even further.

“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.

Lobby Capital’s general partner, David Hornik, said his firm understood the ability of the cashback shopping model to create merchant development, customer savings, and excellent 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.